15Insurance for vertical staged development

#### 15 Insurance for vertical staged development 15 Insurance for vertical staged development > > (1) For the purposes of clause 8 (c) of Schedule 3 to the Act, a policy of indemnity must indemnify the developer against at least the following— > > > > > (a) contract works claims up to a value at least equivalent to the cover provided by the damage policy maintained by the owners corporation under sections 160, 161 and 162 of the [Strata Schemes Management Act 2015](/view/html/inforce/current/act-2015-050), subject only to such deductibles, exclusions and other terms and conditions as are reasonable and appropriate for contract works insurance, > > > > > (b) public liability claims up to a value of at least $20,000,000, subject only to such deductibles, exclusions and other terms and conditions as are reasonable and appropriate for public liability insurance. > > > (2) This clause does not affect any obligation of a developer to effect and maintain insurance required by or under any other law, such as the [Workers Compensation Act 1987](/view/html/inforce/current/act-1987-070) or the [Workplace Injury Management and Workers Compensation Act 1998](/view/html/inforce/current/act-1998-086). > > > (3) In this clause— > > > > contract works claim means a claim for accidental damage to buildings and works for the time being forming part of the parcel (including buildings erected and works carried out under the strata development contract), arising out of or resulting from the carrying out of the permitted development. > > > > public liability claim means a claim for damages because of death, personal injury or damage to property for which the developer is liable as an occupier of the parcel.