Queensland Consolidated Regulations

BODY CORPORATE AND COMMUNITY MANAGEMENT (SMALL SCHEMES MODULE) REGULATION 2020 - REG 115

115 Disclosure of insurance details at annual general meeting [SM, s 196]

(1) This section applies to each policy of insurance held by the body corporate under this part and in force when notice of an annual general meeting is given.

(2) The notice of the annual general meeting, or a note attached to the administrative fund budget proposed for adoption at the annual general meeting, must include the following details about the policy—

(a) the name of the insurer;

(b) if any insurance broker or intermediary was involved with the taking out of the policy—the name of the insurance broker or intermediary;

(c) the amount of cover under the policy;

(d) a summary of the type of cover under the policy;

Examples of type of cover—

public risk insurance, building insurance, common property insurance

(e) the amount of the premium;

(f) the amount of any excess payable on the happening of an event for which the insurance gives cover;

(g) the date the cover expires;

(h) the amount, type and provider of any financial or other benefit given, or to be given, by the insurer, or any insurance broker or intermediary, for the insurance being taken out, to any of the following—

(i) the body corporate;

(ii) a member of the body corporate;

(iii) the secretary or treasurer;

(iv) a person engaged as a body corporate manager or service contractor for the community titles scheme;

(v) an associate of a person mentioned in subparagraph (iv) .

Examples of financial or other benefit—

payments of commission or the provision of discounts

(3) Also, the notice of the annual general meeting, or a note attached to the administrative fund budget proposed for adoption at the annual general meeting, must include the following details about buildings the body corporate must insure under this part—

(a) the full replacement value for the buildings as stated in the most recent valuation under section 119 ;

(b) the date of the valuation.