This legislation has been repealed.
(1) For the purposes of section 82 (6) of the Act, the manner of calculating the amount to which the liability of an insurer may be limited under a damage policy is to add together the following amounts:(a) the estimated cost, as at the date of commencement of the damage policy, of:(i) carrying out the work that a damage policy is required to provide for under section 82 (2) of the Act, and(ii) making the payments that a damage policy is required to provide for under section 82 (4) and (5) of the Act,(b) the estimated amount by which expenditure referred to in the preceding paragraphs may increase during the period of 18 months following the date of commencement of the damage policy.
(1A) For the purposes of sections 83 (2) and 84 (2) of the Act, the amount for which a building is to be insured under a damage policy is to be not less than the amount calculated in accordance with subclause (1).
(2) The amounts referred to in subclause (1) (a) and (b) are to be calculated so as to include any applicable taxes, fees and charges (including taxes, fees and charges of the Commonwealth).