STRATA TITLES ACT 1988 - SECT 30
STRATA TITLES ACT 1988 - SECT 30
(1) A
strata corporation must keep all buildings and building improvements on the
site insured to their replacement value.
(2) The replacement
value of buildings and building improvements is the cost of their complete
replacement including the cost of any necessary preliminary demolition work,
any necessary surveying, architectural or engineering work and any other
associated or incidental costs.
(3) The insurance must
be against—
(a)
risks of damage caused by events (other than subsidence) declared to be
prescribed events in relation to home building insurance under Part 5 of the
Insurance Contracts Act 1984 of the Commonwealth; and
(b)
risks against which insurance is required by the regulations.
(4) Any money to which
a strata corporation is entitled under a contract of insurance in relation to
damage to buildings or building improvements must, subject to any contrary
order of the Court, be applied by it in reinstating or repairing those
buildings or building improvements.