(b) insurance in respect of damage to property, death or bodily
injury for which the owners corporation could become liable in damages,
(c)
insurance against the possibility of the owners becoming jointly liable
because of a claim arising in respect of any other occurrence against which
the owners corporation, in accordance with a special resolution, decides to
insure,
(e) insurance of any
other class prescribed by the regulations for the purposes of this subsection.
: Maximum penalty--5 penalty units.
(2) Insurance taken out in accordance
with subsection (1) (b) must be for a cover of not less than $10,000,000 for
each event for which any claim or claims may be made or, if the regulations
provide for another amount, that other amount.
(3) The regulations may
provide that the amount is to be calculated or determined in the manner
prescribed by the regulations.