28Calculating insurance limit under damage policy—the Act, s 149(a)

28 Calculating insurance limit under damage policy—the Act, s 149(a)

28 Calculating insurance limit under damage policy—the Act, s 149(a)

(1) The minimum amount for which a building must be insured is an amount not less than the sum of the following amounts—

(a) the estimated cost, as at the date of commencement of the damage policy, of—

(i) carrying out the work that a damage policy is required to provide for under the Act, section 149, and

(ii) making the payments that a damage policy is required to provide for under the Act, section 149,

(b) the estimated amount by which the estimated cost may increase during the period of 24 months following the date of commencement of the damage policy.

(2) The amounts referred to in subsection (1)(a) and (b) must include taxes, fees and charges, including taxes, fees and charges of the Commonwealth, if any.