61Insurance for lots in multi-level developments

61 Insurance for lots in multi-level developments

(1) If a building on a plan of subdivision is located above or below common property, a reserve or a lot, the owners corporation must take out the following insurance in respect of all lots in the plan—

(a) reinstatement and replacement insurance for all buildings on each lot in accordance with section 59; and

(b) public liability insurance in accordance with section 60—

as if any reference in those sections to common property were a reference to those lots.

S. 61(2) substituted by No. 2/2008 s. 14.

(2) Subsection (1) does not apply to—

(a) a single-storey building; or

(b) a plan of subdivision that was registered under the Cluster Titles Act 1974 or the Strata Titles Act 1967 unless one or more lots in the plan is located above another lot in the plan.

S. 61(3) inserted by No. 4/2021 s. 31.

(3) If a plan of subdivision has separate buildings and either—

(a) one or more of those buildings is a multi-level development and each multi-level development has its own owners corporation (including a tier one owners corporation); or

(b) one of those buildings is a multi-level development with its own owners corporation (including a tier one owners corporation)—

the owners corporation of the multi-level development must only take out reinstatement and replacement insurance and public liability insurance in respect of the multi-level development on the plan of subdivision for which that owners corporation is liable.

See also section 64.

S. 61A inserted by No. 4/2021 s. 32.