Queensland Consolidated Regulations
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BODY CORPORATE AND COMMUNITY MANAGEMENT (STANDARD MODULE) REGULATION 2008 - REG 179
Insurance of building including lots
179 Insurance of building including lots
(1) This section applies if 1 or more of the lots included in the community
titles scheme are created under a building format plan of subdivision or a
volumetric format plan of subdivision.
(2) The body corporate must insure,
for full replacement value, each building in which is located a lot included
in the scheme, to the extent that the building is scheme land.
(3) A policy
of insurance taken out under this section—
(a) must cover—
(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) If the body corporate can not
comply with subsection (3) , the commissioner, on application in writing by
the body corporate, may authorise the body corporate to put in place an
alternative insurance in a form approved by the commissioner if the
commissioner is satisfied that the insurance approved gives cover that is as
close as practicable to the cover given by insurance under subsection (3) .
Example of alternative insurance that might be approved by the commissioner—
insurance giving cover up to an agreed value
(5) The body corporate is
liable to pay any contribution that has to be made to the cost of
reinstatement or repair because the reinstatement insurance is not for the
full replacement value of the insured property.
(6) The body corporate need
not insure a building or a part of a building under subsection (2) if—
the scheme is a subsidiary scheme for another community titles scheme (the
"other scheme" ); and
(b) under subsection (2) or an equivalent provision of
another regulation module, the body corporate for the other scheme is required
to insure the building or the part of the building.
(7) Also, the body
corporate need not insure a building or a part of a building under subsection
(a) the building or the part of the building is scheme land; and
(b) the whole of the building is the subject of a building management
statement registered under the Land Title Act 1994 ; and
(c) the building
management statement provides for insurance for the building to a level
comparable with insurance otherwise required under this part; and
insurance is in place.
(8) This section applies subject to provisions of this
part about insurance of buildings mutually dependent for support on a common
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