Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) An owners corporation must insure and keep insured all buildings on the parcel for their replacement value from time to time against all of the following risks:
(a) fire, lightning, tempest, earthquake and explosion;
(b) riot, civil commotion, strikes and labour disturbances;
(c) malicious damage;
(d) bursting, leaking and overflowing of boilers, water tanks, water pipes and associated apparatus;
(e) impact of aircraft (including parts of, and objects falling from, aircraft) and of road vehicles, horses and cattle.
(2) For all purposes related to any insurance taken out by it under subsection (1), an owners corporation is taken to have an insurable interest in the buildings on the parcel to the extent of their replacement value.
Note The owners corporation must produce its insurance policies for inspection at the request of an eligible person (see s 74).
(3) In this section:
"parcel", for a staged development, means the whole of the land in the completed stages of the development.