New South Wales Consolidated Acts

STRATA SCHEMES MANAGEMENT ACT 1996 - SECT 85

85 Valuations to be obtained for the purposes of insurance

(1) A valuation of a building that is required to be insured under this Division must be obtained at least once every 5 years by:

(a) if the whole building is the subject of one strata scheme, the owners corporation for that strata scheme, or

(b) in any other case, the owners corporation for each strata scheme for part of the building and any other person in whom is vested an estate in fee simple in part of the building that is not included in a stratum parcel.

(2) The valuation must be carried out by a person who has the qualifications prescribed by the regulations.

(3) The proportion of the cost of a valuation that is payable by an owners corporation or other person referred to in subsection (1) (b) is the same as the proportion of the premium for the damage policy that is payable by the owners corporation or person in respect of the building concerned.