Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) An owners corporation for a units plan must take out and maintain public liability insurance in relation to all of the following events happening in relation to the common property:
(a) death, bodily injury or illness of anyone;
(b) loss of, or damage to, the property of anyone.
(2) Public liability insurance under subsection (1) must be for a total amount of liability of not less than an amount prescribed by regulation.
Note 1 The owners corporation must produce its insurance policies for inspection at the request of an eligible person (see s 118).
Note 2 The executive committee of the owners corporation must give certain details about the corporation's current insurance policies at each annual general meeting (see sch 2, s 2.3).
(3) However, the owners corporation need not comply with a requirement of this section if—
(a) the units plan is part of a building the subject of a building management statement; and
(b) the requirement is satisfied by insurance taken out and maintained under the building management statement.