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RETIREMENT VILLAGES ACT 1999 - SECT 100 Retirement village to be insured

RETIREMENT VILLAGES ACT 1999 - SECT 100

Retirement village to be insured

100 Retirement village to be insured

(1) The operator of a retirement village must cause the retirement village to be insured (and remain insured) in accordance with this section.
: Maximum penalty--100 penalty units.
(2) The village must have insurance that--
(a) covers the following--
(i) damage,
(ii) costs incidental to the reinstatement or replacement of insured buildings,
(iii) public liability, and
(b) provides for the reinstatement of property to its condition when new.
(3) The regulations may prescribe a minimum amount of public liability insurance that is required under this section.
(4) Insurance for damage and costs incidental to the reinstatement or replacement of insured buildings must cover the full replacement value of the retirement village.
(5) Nothing in this section requires the operator of a retirement village to insure an item of capital other than an item of capital for which the operator is responsible.
(6) The operator of a retirement village may fund insurance required under this section from recurrent charges if the cost of any such insurance is included in the approved annual budget.