New South Wales Consolidated Acts
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RETIREMENT VILLAGES ACT 1999 - SECT 100
Retirement village to be insured
(1) The operator of a retirement village must cause the retirement village to
be insured (and remain insured) in accordance with this section.
penalty--100 penalty units.
(2) The village must have insurance that--
covers the following--
(ii) costs incidental to the reinstatement
or replacement of insured buildings,
(iii) public liability, and
provides for the reinstatement of property to its condition when new.
regulations may prescribe a minimum amount of public liability insurance that
is required under this section.
(4) Insurance for damage and costs incidental
to the reinstatement or replacement of insured buildings must cover the full
replacement value of the retirement village.
(5) Nothing in this section
requires the operator of a retirement village to insure an item of capital
other than an item of capital for which the operator is responsible.
operator of a retirement village may fund insurance required under this
section from recurrent charges if the cost of any such insurance is included
in the approved annual budget.
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