sec.189Insurance for community titles schemes

sec.189 Insurance for community titles schemes

The regulation module applying to a community titles scheme may require the body corporate to put in place insurance for the scheme. However, subsection (3) applies if a body corporate for a community titles scheme can not comply with the requirement under the regulation module applying to the scheme to insure for full replacement value— to the extent that a building is scheme land—each building in which is located a lot created under a building format plan of subdivision or a volumetric format plan of subdivision; or each building on a lot, created under a standard format plan of subdivision, that has a common wall with a building on an adjoining lot. The body corporate may make an adjudication application for an alternative insurance order. To avoid doubt, it is declared that— the body corporate may put in place for the scheme, in the way and to the extent the body corporate decides, additional insurance to— the insurance it is required to put in place under the regulation module applying to the scheme; or any alternative insurance approved by an adjudicator (an alternative insurance order ); and this part does not affect any obligation the body corporate may have under another Act to put insurance in place. s 189 amd 2023 No. 29 s 20 (sec.189-ssec.1) The regulation module applying to a community titles scheme may require the body corporate to put in place insurance for the scheme. (sec.189-ssec.2) However, subsection (3) applies if a body corporate for a community titles scheme can not comply with the requirement under the regulation module applying to the scheme to insure for full replacement value— to the extent that a building is scheme land—each building in which is located a lot created under a building format plan of subdivision or a volumetric format plan of subdivision; or each building on a lot, created under a standard format plan of subdivision, that has a common wall with a building on an adjoining lot. (sec.189-ssec.3) The body corporate may make an adjudication application for an alternative insurance order. (sec.189-ssec.4) To avoid doubt, it is declared that— the body corporate may put in place for the scheme, in the way and to the extent the body corporate decides, additional insurance to— the insurance it is required to put in place under the regulation module applying to the scheme; or any alternative insurance approved by an adjudicator (an alternative insurance order ); and this part does not affect any obligation the body corporate may have under another Act to put insurance in place.

• (a) to the extent that a building is scheme land—each building in which is located a lot created under a building format plan of subdivision or a volumetric format plan of subdivision; or
• (b) each building on a lot, created under a standard format plan of subdivision, that has a common wall with a building on an adjoining lot.