(1) For the purposes
of section 145(1)(k), a strata management contract must provide for the
following —
(a) the
strata manager warrants that the strata manager holds, and will continue to
hold for the duration of the contract, professional indemnity insurance at the
level required by regulation 98;
(b) the
strata manager must, on the written request of the strata company, provide
evidence to the strata company of the following —
(i)
the amount of cover;
(ii)
the type of claims that are covered by the professional
indemnity insurance;
(iii)
any exclusions from cover.
(2) This regulation
does not apply to a strata management contract that is a volunteer agreement
with a volunteer strata manager.