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STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 160
Owners corporation to insure building
(1) The owners corporation for a strata scheme for the whole of a building
must insure the building and keep the building insured under a contract of
insurance, in accordance with this Division, that insures the building if it
is destroyed or damaged by fire, lightning, explosion or any other occurrence
specified in the policy (a
"damage policy" ). : Maximum penalty--5 penalty units.
(2) The
owners corporation for each strata scheme for part of a building and any other
person in whom is vested an estate in fee simple in part of the building that
is not included in the parcel of the strata scheme must insure the building
and keep the building insured under a damage policy. : Maximum penalty--5
penalty units.
(3) In any proceedings for an offence under subsection (2), it
is a defence to establish that the defendant was willing to join in the
insurance of a building under a damage policy but that the policy could not be
taken out because another person specified in that subsection was unwilling to
join in the application for that policy.
(4) This section does not apply to
an owners corporation for a strata scheme comprising 2 lots if-- (a) the
owners corporation so determines by unanimous resolution, and
(b) the
buildings comprised in one of those lots are physically detached from the
buildings comprised in the other lot, and
(c) no building or part of a
building in the strata scheme is situated outside those lots.
(5) A
damage policy may consist of one or more policies of insurance.
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