sec.197Insurance of common property and body corporate assets

### sec.197 Insurance of common property and body corporate assets The body corporate must insure, for full replacement value— the common property; and the body corporate assets. Subsection (1) (a) has effect only to the extent that the common property is not required to be insured under another provision of this part. A policy of insurance taken out under this section— must cover, to the greatest practicable extent— damage; and costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and must provide for the reinstatement of property to its condition when new. The owner of each lot that is included in the community titles scheme is liable to pay a contribution levied by the body corporate that is a proportionate amount of the premium for a policy of insurance taken out under this section that reflects the interest schedule lot entitlement of the lot. (sec.197-ssec.1) The body corporate must insure, for full replacement value— the common property; and the body corporate assets. (sec.197-ssec.2) Subsection (1) (a) has effect only to the extent that the common property is not required to be insured under another provision of this part. (sec.197-ssec.3) A policy of insurance taken out under this section— must cover, to the greatest practicable extent— damage; and costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and must provide for the reinstatement of property to its condition when new. (sec.197-ssec.4) The owner of each lot that is included in the community titles scheme is liable to pay a contribution levied by the body corporate that is a proportionate amount of the premium for a policy of insurance taken out under this section that reflects the interest schedule lot entitlement of the lot. - (a) the common property; and - (b) the body corporate assets. - (a) must cover, to the greatest practicable extent— (i) damage; and (ii) costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and - (i) damage; and - (ii) costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and - (b) must provide for the reinstatement of property to its condition when new. - (i) damage; and - (ii) costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and