3Definitions

3 Definitions

In these Regulations:

Act means the Terrorism and Cyclone Insurance Act 2003.

body corporate for a strata or community title development has the meaning given by subregulation 4A(5).

business has the same meaning as in the Competition and Consumer Act 2010.

cyclone has the meaning given by regulation 3A.

end, in relation to a cyclone, has the meaning given by subregulations 3A(3) and (5).

high‑value multiple building contract means a contract of insurance that provides cover (whether or not the cover is restricted) for destruction or damage to 2 or more buildings, if the total sum‑insured value of the buildings is $50 million or more.

mainly residential building means a building that:

(a) has more than 80% of its floor space for use wholly or mainly for residential purposes; and
(b) has a sum‑insured value of less than $50 million; and
(c) is none of the following:
(i) a hotel, motel or boarding house;
(ii) a building in the course of construction;
(iii) a temporary building or structure or a demountable or moveable structure;
(iv) a caravan (whether fixed to land or not).

reintensify, in relation to a cyclone, has the meaning given by subregulation 3A(4).

residential part of a mixed‑use or high‑value building means a part of a building if:

(a) the building is not a mainly residential building; and
(b) the part is for use wholly or mainly for residential purposes.

strata or community title development has the meaning given by subregulations 4A(1) to (4).

unit in a strata or community title development has the meaning given by subregulation 4A(6).