55Other requirements for body corporate policy

55 Other requirements for body corporate policy (1) The body corporate policy must: (a) provide for the insurer giving a notice of cancellation mentioned in section 59 of the Insurance Contracts Act 1984 (Cth) to the mortgagee of each unit; and (b) prohibit a cancellation of the policy on the sole basis of a breach of its conditions by someone other than the body (2) The body corporate policy may provide for a right of indemnity of the insurer against a unit owner who breaches a condition of the policy. (3) The body corporate policy has effect as if the interests of the mortgagee of each unit had been recorded on the policy.