sec.55BInsurance of buildings in stratum parcel

### sec.55B Insurance of buildings in stratum parcel Where the parcel is a stratum parcel— the body corporate and any other lessee of part of the building, not being a lot or common property in the leasehold building units plan; and the lessor; shall insure and keep insured the building under a damage policy to the reinstatement or replacement value in their joint names. (new) The cost of a premium for a damage policy in respect of a building referred to in subsection (1) shall be apportioned in accordance with the management statement for the building and its site the subject of the leasehold building units plan concerned. (new) If a person fails to comply with a requirement under subsection (1) to insure and keep insured a building, any other person who has an obligation to comply with that requirement may either— apply to the referee for an order directing the person failing to comply to join that other person in effecting a damage policy in respect of the building; or effect a damage policy in respect of the building in the joint names and, in a court of competent jurisdiction, recover as a debt from the person failing to comply with the appropriate apportion (if any) of the amount of the premium for which that person is liable in accordance with the management statement for the building and its site, the subject of the leasehold units plan concerned. (new) (sec.55B-ssec.1) Where the parcel is a stratum parcel— the body corporate and any other lessee of part of the building, not being a lot or common property in the leasehold building units plan; and the lessor; shall insure and keep insured the building under a damage policy to the reinstatement or replacement value in their joint names. (new) (sec.55B-ssec.2) The cost of a premium for a damage policy in respect of a building referred to in subsection (1) shall be apportioned in accordance with the management statement for the building and its site the subject of the leasehold building units plan concerned. (new) (sec.55B-ssec.3) If a person fails to comply with a requirement under subsection (1) to insure and keep insured a building, any other person who has an obligation to comply with that requirement may either— apply to the referee for an order directing the person failing to comply to join that other person in effecting a damage policy in respect of the building; or effect a damage policy in respect of the building in the joint names and, in a court of competent jurisdiction, recover as a debt from the person failing to comply with the appropriate apportion (if any) of the amount of the premium for which that person is liable in accordance with the management statement for the building and its site, the subject of the leasehold units plan concerned. (new) - (a) the body corporate and any other lessee of part of the building, not being a lot or common property in the leasehold building units plan; and - (b) the lessor; - (a) apply to the referee for an order directing the person failing to comply to join that other person in effecting a damage policy in respect of the building; or - (b) effect a damage policy in respect of the building in the joint names and, in a court of competent jurisdiction, recover as a debt from the person failing to comply with the appropriate apportion (if any) of the amount of the premium for which that person is liable in accordance with the management statement for the building and its site, the subject of the leasehold units plan concerned.