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STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 165
Owners corporation may take out other insurance
(1) An owners corporation may insure any property that it is not required to
insure by this Part and in which it has an insurable interest.
(2) An
owners corporation may take out insurance, at its own expense, in respect of
any of the following-- (a) damage to property, death or bodily injury for
which a person holding the office of chairperson, secretary or treasurer of
the owners corporation or of a member of the strata committee of the
owners corporation could become liable in damages because of an act or
omission, committed or omitted in good faith, in performing the functions of
that office,
(b) misappropriation of money or other property of the
owners corporation.
(3) Any insurance taken out under this section must be
taken out with an approved insurer.
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