sec.155Insurance by principal body corporate

sec.155 Insurance by principal body corporate

The principal body corporate shall effect insurance— in respect of any occurrence against which it is required by law to insure, including any insurance required to be effected because of the Workers’ Compensation and Rehabilitation Act 2003 ; and in respect of damage to property, death or bodily injury occurring upon the secondary thoroughfare or the consequences resulting therefrom; and against the possibility of the proprietors becoming jointly liable by reason of a claim arising in respect of any other occurrence against which the principal body corporate, pursuant to a special resolution, decides to insure. Insurance effected pursuant to subsection (1) (b) shall be for a cover of the amount prescribed by regulation or, if not prescribed, $5000000. The principal body corporate may insure any property in which it has an insurable interest. s 155 amd 1993 No. 46 s 3 sch ; 2003 No. 27 s 622 sch 5 (sec.155-ssec.1) The principal body corporate shall effect insurance— in respect of any occurrence against which it is required by law to insure, including any insurance required to be effected because of the Workers’ Compensation and Rehabilitation Act 2003 ; and in respect of damage to property, death or bodily injury occurring upon the secondary thoroughfare or the consequences resulting therefrom; and against the possibility of the proprietors becoming jointly liable by reason of a claim arising in respect of any other occurrence against which the principal body corporate, pursuant to a special resolution, decides to insure. (sec.155-ssec.2) Insurance effected pursuant to subsection (1) (b) shall be for a cover of the amount prescribed by regulation or, if not prescribed, $5000000. (sec.155-ssec.3) The principal body corporate may insure any property in which it has an insurable interest.

• (a) in respect of any occurrence against which it is required by law to insure, including any insurance required to be effected because of the Workers’ Compensation and Rehabilitation Act 2003 ; and
• (b) in respect of damage to property, death or bodily injury occurring upon the secondary thoroughfare or the consequences resulting therefrom; and
• (c) against the possibility of the proprietors becoming jointly liable by reason of a claim arising in respect of any other occurrence against which the principal body corporate, pursuant to a special resolution, decides to insure.