Commonwealth Consolidated Regulations

TERRORISM AND CYCLONE INSURANCE REGULATIONS 2003 - REG 3

    In these Regulations:

"Act" means the Terrorism and Cyclone Insurance Act 2003 .

"body corporate" for a strata or community title development has the meaning given by subregulation   4A(5).

"business" has the same meaning as in the Competition and Consumer Act 2010 .

"cyclone" has the meaning given by regulation   3A.

"end" , in relation to a cyclone, has the meaning given by subregulations   3A(3) and (5).

"high-value multiple building contract" means a contract of insurance that provides cover (whether or not the cover is restricted) for destruction or damage to 2 or more buildings, if the total sum - insured value of the buildings is $50 million or more.

"mainly residential building" means a building that:

  (a)   has more than 80% of its floor space for use wholly or mainly for residential purposes; and

  (b)   has a sum - insured value of less than $50 million; and

  (c)   is none of the following:

  (i)   a hotel, motel or boarding house;

  (ii)   a building in the course of construction;

  (iii)   a temporary building or structure or a demountable or moveable structure;

  (iv)   a caravan (whether fixed to land or not).

"reintensify" , in relation to a cyclone, has the meaning given by subregulation   3A(4).

"residential part of a mixed-use or high-value building" means a part of a building if:

  (a)   the building is not a mainly residential building; and

  (b)   the part   is for use wholly or mainly for residential purposes.

"strata or community title development" has the meaning given by subregulations   4A(1) to (4).

"unit" in a strata or community title development has the meaning given by subregulation   4A(6).