Queensland Consolidated Acts

BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 56

56 Further insurance by body corporate

(1) In addition to any insurance effected by a body corporate pursuant to section 55 a body corporate shall effect insurance—

(a) in respect of any occurrence against which it is required by law to insure, including any insurance required to be effected because of the Workers’ Compensation and Rehabilitation Act 2003 ; and

(b) in respect of the liability of the body corporate for damage to property, death or bodily injury occurring upon the common property; and

(c) against the possibility of the proprietors becoming jointly liable by reason of a claim arising in respect of any other occurrence against which the body corporate, pursuant to a special resolution, decides to insure.

(2) Insurance effected pursuant to subsection (1) (b) shall be for a cover of the prescribed amount or, if not prescribed, $500,000.

(3) The body corporate may insure any property which it is not required to insure pursuant to this division and in which it has an insurable interest.