New South Wales Consolidated Acts

STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 211AA

211AA Definitions

(1) In this division--

"building element" has the same meaning as in the Design and Building Practitioners Act 2020 .

"decennial insurance" means insurance of the kind described in subsection (2) that--

(a) is taken out by the developer of a strata scheme in favour of the owners corporation for the scheme, and

(b) insures against serious defects in the building elements of the common property for one or more buildings in the scheme--

(i) for 10 years, and

(ii) on a strict liability basis.

"DLI policy" means a policy of decennial insurance.

"serious defect" has the same meaning as in the Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020 .

(2) For subsection (1), definition of
"decennial insurance" , the insurance must--

(a) comply with criteria prescribed by the regulations, and

(b) be in a form acceptable to the Secretary.