Queensland Subordinate Legislation as Made
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BODY CORPORATE AND COMMUNITY MANAGEMENT (STANDARD MODULE) REGULATION 2020 - REG 201
Premium
201 Premium
(1) The owner of each lot that is included in the community titles scheme and
is covered by reinstatement insurance required to be taken out by the body
corporate is liable to pay a contribution levied by the body corporate that is
a proportionate amount of the premium for reinstatement insurance that
reflects— (a) for a lot created under a building or volumetric format plan
of subdivision—the interest schedule lot entitlement of the lot; and
(b)
for a lot created under a standard format plan of subdivision—the cost of
reinstating the buildings on the lot.
(2) The body corporate may adjust the
contribution payable by an owner of a lot under subsection (1) in a way that
fairly reflects— (a) the extent to which the premium relates to fixtures and
fittings that— (i) form part of the lot; and
(ii) are of a higher standard
than the fixtures and fittings of lots included in the scheme generally; or
(b) the extent to which the premium relates to improvements made to the common
property that benefit the lot; or
(c) the proportion of the total risks
covered by the policy attributable to activities carried on, or proposed to be
carried on, on the owner’s lot. Example for paragraph (c)— In a
community titles scheme, the owner of a lot starts a small manufacturing
business requiring the use and storage of flammable chemicals. The insurance
premium for the body corporate policy is increased by the insurer because of
the increased risk of damage through fire. The contribution payable by the
owner for the insurance premium will include the amount of the increase.
(3) 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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