211AADefinitions

#### 211AA Definitions 211AA Definitions > > (1) In this division— > > > > building element has the same meaning as in the [Design and Building Practitioners Act 2020](/view/html/inforce/current/act-2020-007). > > > > decennial insurance means insurance of the kind described in subsection (2) that— > > > > > (a) is taken out by the developer of a strata scheme in favour of the owners corporation for the scheme, and > > > > > (b) insures against serious defects in the building elements of the common property for one or more buildings in the scheme— > > > > > > > (i) for 10 years, and > > > > > > > (ii) on a strict liability basis. > > > > DLI policy means a policy of decennial insurance. > > > > serious defect has the same meaning as in the [Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020](/view/html/inforce/current/act-2020-009). > > > (2) For subsection (1), definition of decennial insurance, the insurance must— > > > > > (a) comply with criteria prescribed by the regulations, and > > > > > (b) be in a form acceptable to the Secretary. > > **s 211AA:** Ins 2022 No 61, Sch 1.6. Subst 2023 No 44, Sch 3.1\[4\].