Queensland Consolidated Regulations
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BODY CORPORATE AND COMMUNITY MANAGEMENT (STANDARD MODULE) REGULATION 2008 - REG 178
Insurance of common property and body corporate assets
178 Insurance of common property and body corporate assets
(1) The body corporate must insure, for full replacement value—
common property; and
(b) the body corporate assets.
(2) Subsection (1) (a)
has effect only to the extent that the common property is not required to be
insured under another provision of this part.
(3) A policy of insurance taken
out under this section—
(a) must cover, to the greatest practicable
(i) damage; and
(ii) costs incidental to the reinstatement or
replacement of insured buildings, including the cost of taking away debris and
the fees of architects and other professional advisers; and
(b) must provide
for the reinstatement of property to its condition when new.
(4) The owner of
each lot that is included in the community titles scheme is liable to pay a
contribution levied by the body corporate that is a proportionate amount of
the premium for a policy of insurance taken out under this section that
reflects the interest schedule lot entitlement of the lot.
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