(1) In addition to
insurance effected by the strata company under this Division, a strata company
shall effect and maintain insurance —
respect of any occurrence against which it is required by law to insure,
including, where applicable, insurance against liability to pay compensation
under the Workers’ Compensation and Injury Management Act 1981 ;
against such other risks as the strata company may from time to time
Penalty for contravention of
subsection (1)(a): $400.
[(2), (3) deleted]
(4) A strata company
may insure and keep insured the building against any occurrence other than
those occurrences referred to and included in section 53D or 54(1a).
(5) A proprietor may
bring against the strata company of which the proprietor is a member any
action that the proprietor might have brought against the strata company if
the proprietor had not been a member of the strata company.
[Section 55 amended by No. 58 of 1995
s. 54(1) and (2) 6 and 94; No. 61 of 1996 s. 29; No. 42 of
2004 s. 174.]