102Public liability insurance by owners corporation

102 Public liability insurance by owners corporation (1) An owners corporation for a units plan must take out and maintain public liability insurance in relation to all of the following events happening in relation to the common property: (a) death, bodily injury or illness of anyone; (b) loss of, or damage to, the property of anyone.

(2) Public liability insurance under subsection (1) must be for a total amount of liability of not less than an amount prescribed by 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). (3) However, the owners corporation need not comply with a requirement of this section if— (a) the units plan is part of a building the subject of a building management statement; and (b) the requirement is satisfied by insurance taken out and maintained under the building management statement.