STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 211AA
Decennial insurance
STRATA SCHEMES MANAGEMENT ACT 2015 - SECT 211AA
Decennial insurance
(1) Division 3 does not apply to a developer of a strata scheme who satisfies
the Secretary that the developer has, for building work to which this Part
applies, obtained decennial insurance in a form acceptable to the Secretary.
(2) In this section--
"building element" has the same meaning as in the
Design and Building Practitioners Act 2020 .
"decennial insurance" means insurance, complying with criteria prescribed by
the regulations, that-- (a) is taken out by the developer of a strata scheme
in favour of the owners corporation for the scheme, and
(b) insures against
serious defects in the building elements of the common property for 1 or more
buildings in the scheme-- (i) for 10 years, and
(ii) on a strict liability
basis.
"serious defect" has the same meaning as in the Residential Apartment
Buildings (Compliance and Enforcement Powers) Act 2020 .
