New South Wales Consolidated Regulations

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COMMUNITY LAND MANAGEMENT REGULATION 2018 - REG 16

Property insurance: section 39

16 Property insurance: section 39

For the purposes of section 39 of the Act, the amount for which insurance is to be effected against damage to association property or a building on association property is the sum of the following amounts--

(a) the estimated cost (as at the date of the contract of insurance) of rebuilding the building, or replacing it with a similar building, so that every part of the rebuilt building or replacement building is in a condition no worse than that in which it was when new,
(b) the estimated cost (as at the date of the contract of insurance) of removing debris in the event of the building being destroyed by an occurrence specified in the policy,
(c) the estimated fee (as at the date of the contract of insurance) payable to architects and other professional persons employed in the course of the rebuilding or replacing referred to in paragraph (a),
(d) the estimated amount by which expenditure referred to in paragraphs (a), (b) and (c) may increase during the period of 18 months following the date of the contract of insurance.



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