sec.182Insurance by bodies corporate

sec.182 Insurance by bodies corporate

A body corporate must take out insurance— for each happening against which it is required by law to insure (including any insurance required to be taken out because of the Workers’ Compensation and Rehabilitation Act 2003 ); and for damage to property, death or bodily injury happening on or in relation to— in the case of a community body corporate—the community property; or in the case of a precinct body corporate—the precinct property; or a road, wharf, or land, leased under section 164 and any improvements on the road, wharf or land; and against the possibility of the members becoming jointly liable because of a claim arising in relation to any other happening against which the body corporate decides to insure by comprehensive resolution. The body corporate may also take out insurance for consequences resulting from a happening, damage or claim mentioned in subsection (1) . Insurance under subsection (1) (b) must be for a cover of— the amount prescribed by regulation; or if no amount is prescribed—$10,000,000. The body corporate may also insure any property in which it has an insurable interest. s 182 amd 1996 No. 75 s 535 sch 2 ; 2003 No. 27 s 622 sch 5 (sec.182-ssec.1) A body corporate must take out insurance— for each happening against which it is required by law to insure (including any insurance required to be taken out because of the Workers’ Compensation and Rehabilitation Act 2003 ); and for damage to property, death or bodily injury happening on or in relation to— in the case of a community body corporate—the community property; or in the case of a precinct body corporate—the precinct property; or a road, wharf, or land, leased under section 164 and any improvements on the road, wharf or land; and against the possibility of the members becoming jointly liable because of a claim arising in relation to any other happening against which the body corporate decides to insure by comprehensive resolution. (sec.182-ssec.2) The body corporate may also take out insurance for consequences resulting from a happening, damage or claim mentioned in subsection (1) . (sec.182-ssec.3) Insurance under subsection (1) (b) must be for a cover of— the amount prescribed by regulation; or if no amount is prescribed—$10,000,000. (sec.182-ssec.4) The body corporate may also insure any property in which it has an insurable interest.

• (a) for each happening against which it is required by law to insure (including any insurance required to be taken out because of the Workers’ Compensation and Rehabilitation Act 2003 ); and
• (b) for damage to property, death or bodily injury happening on or in relation to— (i) in the case of a community body corporate—the community property; or (ii) in the case of a precinct body corporate—the precinct property; or (iii) a road, wharf, or land, leased under section 164 and any improvements on the road, wharf or land; and