New South Wales Consolidated Regulations

STRATA SCHEMES MANAGEMENT REGULATION 2016 - REG 55B

55B Notice of intention to take out decennial insurance to be given to Secretary

(1) For the Act, section 211AI(a), the developer of a strata scheme must, before an application is made for a construction certificate under the Environmental Planning and Assessment Act 1979 for building work to which the Act, Part 11 applies, give written notice to the Secretary, in the way specified by the Secretary, as to whether or not the developer intends to obtain decennial insurance for the building work.

(2) If the developer intends to obtain decennial insurance for the building work, the written notice to the Secretary must include a copy of a certificate of currency for the decennial insurance showing the following--

(a) the name of the issuer,

(b) the name of the insured,

(c) the amount covered by the policy,

(d) the terms and conditions of the insurance policy, including the building work covered by the policy and the commencement date of the policy,

(e) the amount of the premium deposit,

(f) confirmation that the premium deposit has been paid.

(3) A developer must not fail to comply with this clause.

: Maximum penalty--

(a) 200 penalty units, and

(b) for a continuing offence--50 penalty units for each day the offence continues.