Northern Territory Consolidated Acts Northern Territory Consolidated Acts37. Insurance by administering authority
(1) An administering authority of a retirement village shall insure and keep insured all buildings and other improvements on the land within the retirement village for their replacement value from time to time against all the following risks:
(a) fire, lightning, tempest, earthquake and explosion;
(b) riot, civil commotion, strikes and labour disturbances;
(c) malicious damages;
(d) bursting, leaking and overflowing of boilers, water tanks, water pipes and associated apparatus;
(e) impact of aircraft (including parts of, and object falling from aircraft) and of road vehicles, horses and cattle.
(2) An administering authority of a retirement village shall, on the written request of a resident, produce for inspection by the resident a copy of the policy of insurance effected by the administering authority in accordance with subsection (1) and the receipt for premiums paid under the policy.
(3) Where an administering authority of a retirement village receives insurance money in respect of damages to, or destruction of, any building or improvement on the land within the retirement village, it shall, without delay, pay the money into a trust account and shall apply the money only to rebuilding and reinstating the building or improvement.
(4) Notwithstanding subsection (3), the residents and the administering authority of a retirement village may agree to insurance money received as a result of the damage or destruction of a building or improvement being applied for a purpose other than the rebuilding or reinstatement of the building or the improvement.