23AOwners corporation may levy fees in relation to insurance

23A Owners corporation may levy fees in relation to insurance

(1) In addition to the annual fees levied under section 23, an owners corporation may levy fees to cover the costs of the premium for reinstatement and replacement insurance taken out in accordance with Division 6 of Part 3.

(2) The fees levied under subsection (1) must be based on lot entitlement.

(3) An owners corporation may levy a lot owner a fee to cover the cost of any of the following—

(a) an excess amount or an increased premium resulting from or attributable to an insurance claim, if the claim is caused by a culpable or wilful act or the gross negligence of—

(i) a lot owner; or

(ii) a lot owner's lessee; or

(iii) a guest of a lot owner or a guest of a lot owner's lessee;

(b) damage to the common property that is caused by a lot owner or a lot owner's lessee where either—

(i) the damage is not covered by insurance; or

(ii) the cost of the damage is less than the excess amount that would have been payable on an insurance claim in relation to the damage;

(c) an excess amount on an insurance claim if the claim solely relates to a lot owner's lot.

(4) The owners corporation may determine the times for payment of fees levied under subsection (1) or (3).

S. 24 (Heading) amended by No. 4/2021 s. 14(1).