New South Wales Consolidated Acts
[Search this Act]
STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 164
Other mandatory insurance requirements for owners corporation
164 Other mandatory insurance requirements for owners corporation
(1) An owners corporation must take out the following insurance with an
approved insurer, in addition to any other requirements of this Part--
insurance in respect of any occurrence against which it is required by law to
insure, including any insurance required by the Workers Compensation Act 1987
and the Workplace Injury Management and Workers Compensation Act 1998 to be
(b) insurance in respect of damage to property, death or bodily
injury for which the owners corporation could become liable in damages,
insurance against the possibility of the owners becoming jointly liable
because of a claim arising in respect of any other occurrence against which
the owners corporation, in accordance with a special resolution, decides to
(d) insurance against any damages for which the owners corporation
could become liable because, without fee or reward or any expectation of fee
or reward, a person acting on behalf of the owners corporation does work in a
building or on the common property in the strata scheme,
(e) insurance of any
other class prescribed by the regulations for the purposes of this subsection.
: Maximum penalty--5 penalty units.
(2) Insurance taken out in accordance
with subsection (1) (b) must be for a cover of not less than $10,000,000 for
each event for which any claim or claims may be made or, if the regulations
provide for another amount, that other amount.
(3) The regulations may
provide that the amount is to be calculated or determined in the manner
prescribed by the regulations.
AustLII: Copyright Policy