Northern Territory Consolidated Regulations Northern Territory Consolidated Regulations(1) Where the lessee is allowed to pay for the right to the grant of a pastoral lease with improvements by instalments, the lessee must, from and including the day of commencement of the lease insure, and keep insured, against destruction or damage by fire, storm, flood or other event, for their full insurable value, all such improvements which are susceptible to such destruction or damage.
(2) The insurance is to be in the joint names of the lessee and the Territory.
(3) The lessee must forward to the Minister a copy of the policy of every such insurance within one month after it is issued.
(4) The lessee must forward to the Minister the receipts for the premiums payable in respect of the policy within one month after they are due and payable.
(5) If the lessee fails to comply with a provision of this regulation, the Minister may insure the improvements as required of the lessee by this regulation.
(6) Moneys equal to the amount expended by the Minister under subregulation (5), with interest at the rate mentioned in regulation 29 but computed from the time of expending the moneys, are to be paid by the lessee, on demand, to the Minister and may be recovered as a debt due and payable by the lessee to the Territory.
(7) All moneys received under the insurance policy must be applied towards reinstating the improvements in respect of which the insurance is received or otherwise as approved by the Minister.