164Other mandatory insurance requirements for owners corporation

#### 164 Other mandatory insurance requirements for owners corporation 164 Other mandatory insurance requirements for owners corporation > > (1) An owners corporation must take out the following insurance with an approved insurer, in addition to any other requirements of this Part— > > > > > (a) insurance in respect of any occurrence against which it is required by law to insure, including any insurance required by the [Workers Compensation Act 1987](/view/html/inforce/current/act-1987-070) and the [Workplace Injury Management and Workers Compensation Act 1998](/view/html/inforce/current/act-1998-086) to be taken out, > > > > > (b) insurance in respect of damage to property, death or bodily injury for which the owners corporation could become liable in damages, > > > > > (c) insurance against the possibility of the owners becoming jointly liable because of a claim arising in respect of any other occurrence against which the owners corporation, in accordance with a special resolution, decides to insure, > > > > > (d) insurance against any damages for which the owners corporation could become liable because, without fee or reward or any expectation of fee or reward, a person acting on behalf of the owners corporation does work in a building or on the common property in the strata scheme, > > > > > (e) insurance of any other class prescribed by the regulations for the purposes of this subsection. > > > > Maximum penalty—5 penalty units. > > > (2) Insurance taken out in accordance with subsection (1) (b) must be for a cover of not less than $10,000,000 for each event for which any claim or claims may be made or, if the regulations provide for another amount, that other amount. > > > (3) The regulations may provide that the amount is to be calculated or determined in the manner prescribed by the regulations.