sec.54-oc.2Interpretation

### sec.54-oc.2 Interpretation In this division— building means a building or buildings shown on the leasehold building units plan, but does not include a lessee’s fixture. damage policy , in relation to a building or the common property including improvements on the common property, means a contract of insurance providing, in the event of the building or the common property including improvements on the common property being destroyed or damaged by fire, storm, tempest, explosion or any other occurrence specified in the policy— the rebuilding of the building or the common property including improvements on the common property or its replacement by a similar building or the common property including improvements on the common property in the event of its destruction; and the repair of damage to or the restoration of the damaged portion of the building or the common property including improvements on the common property in the event of its being damaged but not destroyed; so that, in the case of destruction, every part of the rebuilt building or the common property including improvements on the common property or the replacement building or the common property including improvements on the common property and, in the case of damage, the repaired or restored portion, is in a condition no worse nor less extensive than that part or portion or its condition when that part or portion was new; and for the payment of expenses incurred in the removal of debris and the remuneration of architects and other persons whose services are necessary as an incident to the rebuilding, replacement, repair or restoration. lessee’s fixture means a structure or fixture made after the registration of the leasehold building units plan forming part of a building, being a structure or fixture— which is exclusively for the use and enjoyment of a lot within or partly within that building but not being a floor, wall or ceiling; and which— is not made for the necessary renewal or replacement of a structure or fixture made before the registration of the leasehold building units plan; or replaces a structure or fixture made before the registration of the leasehold building units plan and is of greater value than the necessary replacement of and of a like nature to the structure or fixture replaced. (amended) A damage policy may provide that, instead of the work and the payments specified in the definition of damage policy in subsection (1) being carried out or made upon the occurrence of any of the events specified in that definition, the liability of the insurer shall, upon the occurrence of any such event, be limited to an amount specified in the policy. (sec.54-oc.2-ssec.1) In this division— building means a building or buildings shown on the leasehold building units plan, but does not include a lessee’s fixture. damage policy , in relation to a building or the common property including improvements on the common property, means a contract of insurance providing, in the event of the building or the common property including improvements on the common property being destroyed or damaged by fire, storm, tempest, explosion or any other occurrence specified in the policy— the rebuilding of the building or the common property including improvements on the common property or its replacement by a similar building or the common property including improvements on the common property in the event of its destruction; and the repair of damage to or the restoration of the damaged portion of the building or the common property including improvements on the common property in the event of its being damaged but not destroyed; so that, in the case of destruction, every part of the rebuilt building or the common property including improvements on the common property or the replacement building or the common property including improvements on the common property and, in the case of damage, the repaired or restored portion, is in a condition no worse nor less extensive than that part or portion or its condition when that part or portion was new; and for the payment of expenses incurred in the removal of debris and the remuneration of architects and other persons whose services are necessary as an incident to the rebuilding, replacement, repair or restoration. lessee’s fixture means a structure or fixture made after the registration of the leasehold building units plan forming part of a building, being a structure or fixture— which is exclusively for the use and enjoyment of a lot within or partly within that building but not being a floor, wall or ceiling; and which— is not made for the necessary renewal or replacement of a structure or fixture made before the registration of the leasehold building units plan; or replaces a structure or fixture made before the registration of the leasehold building units plan and is of greater value than the necessary replacement of and of a like nature to the structure or fixture replaced. (amended) (sec.54-oc.2-ssec.2) A damage policy may provide that, instead of the work and the payments specified in the definition of damage policy in subsection (1) being carried out or made upon the occurrence of any of the events specified in that definition, the liability of the insurer shall, upon the occurrence of any such event, be limited to an amount specified in the policy. - (a) the rebuilding of the building or the common property including improvements on the common property or its replacement by a similar building or the common property including improvements on the common property in the event of its destruction; and - (b) the repair of damage to or the restoration of the damaged portion of the building or the common property including improvements on the common property in the event of its being damaged but not destroyed; - (c) for the payment of expenses incurred in the removal of debris and the remuneration of architects and other persons whose services are necessary as an incident to the rebuilding, replacement, repair or restoration. - (a) which is exclusively for the use and enjoyment of a lot within or partly within that building but not being a floor, wall or ceiling; and - (b) which— (i) is not made for the necessary renewal or replacement of a structure or fixture made before the registration of the leasehold building units plan; or (ii) replaces a structure or fixture made before the registration of the leasehold building units plan and is of greater value than the necessary replacement of and of a like nature to the structure or fixture replaced. - (i) is not made for the necessary renewal or replacement of a structure or fixture made before the registration of the leasehold building units plan; or - (ii) replaces a structure or fixture made before the registration of the leasehold building units plan and is of greater value than the necessary replacement of and of a like nature to the structure or fixture replaced. - (i) is not made for the necessary renewal or replacement of a structure or fixture made before the registration of the leasehold building units plan; or - (ii) replaces a structure or fixture made before the registration of the leasehold building units plan and is of greater value than the necessary replacement of and of a like nature to the structure or fixture replaced.