100Building insurance requirements

100 Building insurance requirements (1) The responsible entity for a units plan must insure and keep insured all buildings on the land for their replacement value from time to time against all of 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; (e) impact of aircraft (including parts of, and objects falling from, aircraft) and of road vehicles, horses and cattle; (f) anything prescribed by regulation. (2) The responsible entity must also insure against the costs incidental to the reinstatement or replacement of the insured building, including the cost of removing debris and the fees of architects and other professional advisers. Note If the responsible entity is an owners corporation and a developer is the only member of the owners corporation, the developer must on behalf of the owners corporation take out insurance under s (1), unless exempted under s 101. (3) A regulation may make provision in relation to an insurance policy under this section including for the following: (a) combining the policy with other insurance policies; (b) notification requirements by unit owners in relation to improvements made to units; (c) the proportion of the premium payable for the policy by particular unit owners by way of a general fund contribution; (d) valuation of the insured buildings. (4) For all purposes related to any insurance taken out by it under this section, a responsible entity is taken to have an insurable interest in the buildings on the land to the extent of their replacement value. Note 1 The owners corporation must produce its insurance policies for inspection at the request of an eligible person (see s 118). Note 2 The executive committee of the owners corporation must give certain details about the corporation’s current insurance policies at each annual general meeting (see sch 2, s 2.3). building management committee—see the Land Titles Act 1925, section 123F (1) (a). responsible entity means— (a) if the units plan is part of a building the subject of a building management statement—the building management committee established under the statement; or (b) in any other case—the owners corporation.