sec.56-oc.2Further insurance by body corporate

### sec.56-oc.2 Further insurance by body corporate In addition to any insurance effected by a body corporate under section 55 , 55A and 55B , a body corporate shall effect insurance— in respect of any occurrence against which it is required by law to insure, including any insurance required to be effected because of the Workers’ Compensation and Rehabilitation Act 2003 ; and in respect of the liability of the body corporate for damage to property, death or bodily injury occurring upon the common property; and against the possibility of the lessees becoming jointly liable by reason of a claim arising in respect of any other occurrence against which the body corporate, pursuant to a special resolution, decides to insure. (amended) Insurance effected under subsection (1) (b) shall be for a cover of not less than the amount prescribed under the Building Units and Group Titles Act, section 56 (2) or, if not prescribed, $500,000. (amended) The body corporate may insure any property which it is not required to insure under this division and in which it has an insurable interest. (sec.56-oc.2-ssec.1) In addition to any insurance effected by a body corporate under section 55 , 55A and 55B , a body corporate shall effect insurance— in respect of any occurrence against which it is required by law to insure, including any insurance required to be effected because of the Workers’ Compensation and Rehabilitation Act 2003 ; and in respect of the liability of the body corporate for damage to property, death or bodily injury occurring upon the common property; and against the possibility of the lessees becoming jointly liable by reason of a claim arising in respect of any other occurrence against which the body corporate, pursuant to a special resolution, decides to insure. (amended) (sec.56-oc.2-ssec.2) Insurance effected under subsection (1) (b) shall be for a cover of not less than the amount prescribed under the Building Units and Group Titles Act, section 56 (2) or, if not prescribed, $500,000. (amended) (sec.56-oc.2-ssec.3) The body corporate may insure any property which it is not required to insure under this division and in which it has an insurable interest. - (a) in respect of any occurrence against which it is required by law to insure, including any insurance required to be effected because of the Workers’ Compensation and Rehabilitation Act 2003 ; and - (b) in respect of the liability of the body corporate for damage to property, death or bodily injury occurring upon the common property; and - (c) against the possibility of the lessees becoming jointly liable by reason of a claim arising in respect of any other occurrence against which the body corporate, pursuant to a special resolution, decides to insure.