New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 97

97 Operator to insure village

(1) The operator of a retirement village must insure the village (and keep it insured) in accordance with this section.

Maximum penalty: 100 penalty units.

(2) The village is to be insured to full replacement value.

(3) Insurance required by this section:

(a) must cover the following:

(i) damage,

(ii) costs incidental to the reinstatement or replacement of insured buildings,

(iii) public liability, and

(b) must provide for the reinstatement of property to its condition when new.

(4) The regulations may specify the minimum amount of public liability insurance required under this section.

(5) This section does not apply in respect of the part (if any) of a retirement village that is subject to a community land scheme, company title scheme or strata scheme.

Note: Insurance of property subject to company title is the responsibility of the relevant company. Insurance of a building or structure on association property in a community land scheme, and of common property in a strata scheme, is the responsibility of the relevant association and the owners corporation, respectively.