153Association may take out other insurance

153 Association may take out other insurance

153 Association may take out other insurance

(1) An association may insure property that it is not required to insure by this Part and in which it has an insurable interest.

(2) An association may take out insurance, at its own expense, in respect of any of the following—

(a) damage to property, death or bodily injury for which a person holding the office of chairperson, secretary or treasurer of the association or of a member of the association committee could become liable in damages because of an act or omission, committed or omitted in good faith, in performing the functions of that office,

(b) misappropriation of money or other property of the association.

(3) Insurance taken out under this section must be taken out with an approved insurer.