Northern Territory Numbered Acts Northern Territory Numbered Acts(1) The body corporate of a scheme:
(a) has an insurable interest in the scheme land; and
(b) must ensure there is an insurance policy ( body corporate policy ) for the common property that complies with sections 53 to 2010_Actu012.html#_Ref221855321">55 (whether comprising 1 or more contracts of insurance).
(2) The body corporate must comply with subsection (1)(b).
Fault element: Strict liability offence.
Maximum penalty: 100 penalty units.
(3) It is a defence to a prosecution for an offence against subsection (2) if the defendant establishes a reasonable excuse.