Queensland Subordinate Legislation as Made

BODY CORPORATE AND COMMUNITY MANAGEMENT (STANDARD MODULE) REGULATION 2020 - REG 197

197 Insurance of common property and body corporate assets

(1) The body corporate must insure, for full replacement value—

(a) the common property; and

(b) the body corporate assets.

(2) Subsection (1) (a) has effect only to the extent that the common property is not required to be insured under another provision of this part.

(3) A policy of insurance taken out under this section—

(a) must cover, to the greatest practicable extent—

(i) damage; and

(ii) costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and

(b) must provide for the reinstatement of property to its condition when new.

(4) The owner of each lot that is included in the community titles scheme is liable to pay a contribution levied by the body corporate that is a proportionate amount of the premium for a policy of insurance taken out under this section that reflects the interest schedule lot entitlement of the lot.