162Orders requiring damage policy

162 Orders requiring damage policy

162 Orders requiring damage policy

(1) The Tribunal may, on application, order that the amount of insurance taken out for a damage policy or other policy must be varied to a specified amount, if the Tribunal considers that the amount of the current insurance is unreasonable.

(2) An application for an order under this section may be made by any of the following—

(a) a member of the association,

(b) an owner or a mortgagee of a development lot, neighbourhood lot or strata lot within the scheme under which the association was constituted or a person having an interest in any such lot,

(c) an authority having the benefit of a positive covenant affecting the building or its site.