145Retirement village to be insured

145 Retirement village to be insured operator does not insure and keep insured the village in accordance with this section. (3) The village must have insurance that— (a) covers the following: (i) damage; (ii) costs incidental to the reinstatement or replacement of insured buildings; (iii) public liability; and (b) provides for the reinstatement of property to its condition when new. (4) A regulation may prescribe a minimum amount of public liability insurance that is required under this section. (5) Insurance for damage and costs incidental to the reinstatement or replacement of insured buildings in the retirement village must cover the full replacement value of the buildings.

(6) Nothing in this section requires the operator to insure a capital item other than a capital item for which the operator is responsible. (7) The operator may fund insurance required under this section from recurrent charges if the cost of the insurance is included in the approved annual budget.