(1) This section
applies where —
determination is in force under section 53B(2); or
accordance with section 53C, a strata company has the obligations
described in subsection (1) of that section.
(2) This section also
applies where a strata company makes a determination to insure common property
that it is not obliged to insure by reason of section 53C(2)(a).
(3) In those cases the
strata company shall —
insure and keep insured any building to which its obligation extends to the
replacement value against fire, storm and tempest (excluding damage by sea,
flood or erosion), lightning, explosion and earthquake; and
effect and maintain insurance in respect of damage to property, death, or
bodily injury for not less than $5 000 000 or such other amount as
may be prescribed in place of that amount.
(4) Section 54(2)
and (3) apply to a strata company’s obligations under
subsection (3) as if they referred to that subsection.
[Section 53D inserted: No. 61 of 1996