155Part does not limit owner’s insurance rights

155 Part does not limit owner’s insurance rights

155 Part does not limit owner’s insurance rights

(1) This Part does not limit a right of an owner of a development lot, neighbourhood lot or strata lot to take out insurance.

(2) Insurance taken out by an owner of a lot does not affect, and is not to be taken into consideration in determining, the amount payable to an association under a contract of insurance entered into between it and an insurer in accordance with this Part.

(3) Subsection (2) has effect despite anything contained in the relevant contract of insurance.