Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The body corporate policy must:
(a) provide for the insurer giving a notice of cancellation mentioned in section 59 of the Insurance Contracts Act 1984 (Cth) to the mortgagee of each unit; and
(b) prohibit a cancellation of the policy on the sole basis of a breach of its conditions by someone other than the body corporate.
(2) The body corporate policy may provide for a right of indemnity of the insurer against a unit owner who breaches a condition of the policy.
(3) The body corporate policy has effect as if the interests of the mortgagee of each unit had been recorded on the policy.