sch.3-sec.5Insurance

sch.3-sec.5 Insurance

The trustee lessee of the trustee lease must take out a public liability insurance policy (the insurance policy ), complying with subsection (2) , with— a general insurer authorised under the Insurance Act 1973 (Cwlth) ; or another insurer approved by the Minister. The insurance policy must— name the trustee lessee as the person insured under the policy; and insure the trustee lessee against— legal liability for any loss of, or damage to, any property, and for injury (including death) to any person, arising out of anything done or omitted to be done on or about the trustee lease land or any improvements on the trustee lease land; and all actions, claims, demands, proceedings, costs, charges and expenses, including claims in negligence; and insure the trustee lessee for at least $20m, or a higher amount reasonably required by the Minister, for each event; and insure the trustee lessee on a ‘claims occurring’ basis; and be maintained by the trustee lessee at all times during the term of the trustee lease. If an event occurs that the trustee lessee considers is likely to give rise to a claim under the insurance policy, the trustee lessee must— give the Minister written notice of the event as soon as practicable after the event occurs; and ensure the trustee and the Minister are kept fully informed of subsequent actions and developments concerning the claim. The trustee lessee must— renew the insurance policy, at the trustee lessee’s expense, each year during the term of the trustee lease; and if the trustee lessee receives a notice of cancellation in relation to the policy—immediately take out another public liability insurance policy complying with subsection (2) . This section does not apply if the trustee lessee— is the State, or a statutory authority eligible for insurance from the Queensland Government Insurance Fund; and is insured, and continues to be insured, by the Queensland Government Insurance Fund. Also, this section does not apply if the trustee lessee is— the Commonwealth, or a statutory authority eligible for insurance from Comcover; and is insured, and continues to be insured, by Comcover. (sch.3-sec.5-ssec.1) The trustee lessee of the trustee lease must take out a public liability insurance policy (the insurance policy ), complying with subsection (2) , with— a general insurer authorised under the Insurance Act 1973 (Cwlth) ; or another insurer approved by the Minister. (sch.3-sec.5-ssec.2) The insurance policy must— name the trustee lessee as the person insured under the policy; and insure the trustee lessee against— legal liability for any loss of, or damage to, any property, and for injury (including death) to any person, arising out of anything done or omitted to be done on or about the trustee lease land or any improvements on the trustee lease land; and all actions, claims, demands, proceedings, costs, charges and expenses, including claims in negligence; and insure the trustee lessee for at least $20m, or a higher amount reasonably required by the Minister, for each event; and insure the trustee lessee on a ‘claims occurring’ basis; and be maintained by the trustee lessee at all times during the term of the trustee lease. (sch.3-sec.5-ssec.3) If an event occurs that the trustee lessee considers is likely to give rise to a claim under the insurance policy, the trustee lessee must— give the Minister written notice of the event as soon as practicable after the event occurs; and ensure the trustee and the Minister are kept fully informed of subsequent actions and developments concerning the claim. (sch.3-sec.5-ssec.4) The trustee lessee must— renew the insurance policy, at the trustee lessee’s expense, each year during the term of the trustee lease; and if the trustee lessee receives a notice of cancellation in relation to the policy—immediately take out another public liability insurance policy complying with subsection (2) . (sch.3-sec.5-ssec.5) This section does not apply if the trustee lessee— is the State, or a statutory authority eligible for insurance from the Queensland Government Insurance Fund; and is insured, and continues to be insured, by the Queensland Government Insurance Fund. (sch.3-sec.5-ssec.6) Also, this section does not apply if the trustee lessee is— the Commonwealth, or a statutory authority eligible for insurance from Comcover; and is insured, and continues to be insured, by Comcover.