Queensland Consolidated Regulations
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BODY CORPORATE AND COMMUNITY MANAGEMENT (STANDARD MODULE) REGULATION 2008 - REG 181
Valuation for insurance purposes
181 Valuation for insurance purposes
(1) This section applies if, under this part, a body corporate must insure 1
or more buildings for full replacement value.
(2) The body corporate must, at
least every 5 years, obtain an independent valuation stating the full
replacement value of the building or buildings.
(3) The owner of each lot
included in the community titles scheme is liable to pay a contribution levied
by the body corporate for the cost of the valuation of the building or
buildings that is proportionate to the amount of the premium for reinstatement
insurance for the building or buildings for which the owner is liable under
(4) The contribution that the owner of a lot is liable for may be
recovered by the body corporate as part of the owner’s annual contribution
to the administrative fund.
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