80Insurance by corporation

80 Insurance by corporation (1) Subject to subsection (3), a corporation shall insure and keep insured all buildings and other improvements on the parcel for their replacement value from time to time against all the following risks: (a) fire, lightning, tempest, earthquake and explosion; (b) riot, civil commotion, strikes and labour disturbances; (c) malicious damage; (d) bursting, leaking and overflowing of boilers, water tanks, water pipes and associated apparatus; and (e) impact of aircraft (including parts of, and objects falling from aircraft) and of road vehicles, horses and cattle. (2) Subject to subsection (3), a corporation shall insure itself and keep itself insured against liability in respect of: (a) death, bodily injury or illness; or (b) loss of, or damage to, property,

Unit Titles Act 1975 72 occurring in connection with the common property as a result of an accident, for such aggregate amount of liability, being not less than the prescribed amount or, where no amount is prescribed, $2,000,000 at any one time, as is determined by the corporation. (3) A corporation may, by unanimous resolution resolve that it will not insure against such of the risks referred to in subsections (1) and (2) as are specified in the resolution, and, in that event, the corporation is not required by this section to insure against a risk so specified. (4) Where a corporation has, under subsection (3), resolved that it will not insure against a particular risk, a proprietor or mortgagee of a unit may at any time serve on the corporation a written notice requiring it to insure against that risk. (5) 28 days after the receipt by the corporation of the notice, the unanimous resolution ceases to have effect in relation to the risk specified in the notice and the corporation shall, in accordance with subsection (1) or (2), as the case may be, insure against that risk. (6) As soon as is practicable after the receipt by the corporation of the notice, the corporation shall notify every member and every mortgagee of a unit: (a) of the particulars of the notice and the date of its receipt; and (b) of the date on and from which the risk specified in the notice is, or is to be, covered by insurance effected by the (7) Nothing in this section shall be construed as limiting the right of a corporation to effect such additional insurance as it determines. (8) In this section risk includes any liability referred to in subsection (2).