53Body corporate policy must provide for reinstatement

53 Body corporate policy must provide for reinstatement (1) The body corporate policy must insure against all reasonable costs for the reinstatement of any damaged common property (including any damaged scheme building that is common property). (2) The reinstatement of the damaged common property is work that is reasonably required for restoring it to substantially the same condition as existed immediately before it was damaged. Examples for subsection (2) 1 Work required for clearing debris. 2 Work undertaken by an architect and building contractors for rebuilding scheme buildings. 54 Body corporate policy must provide for public liability The body corporate policy must insure against the liability of the body corporate for a claim: (a) relating to an individual's illness, injury or death, or the loss of or damage to property, suffered on the common property; and

Unit Title Schemes Act 2009 32 (b) of an amount not less than $10 000 000, or another amount prescribed by regulation.