Victorian Consolidated Legislation

Owners Corporations Act 2006 - SECT 61

Insurance for lots in multi-level developments

61. Insurance for lots in multi-level developments



(1) If a building on a plan of subdivision is located above or below common
property, a reserve or a lot, the owners corporation must take out the
following insurance in respect of all lots in the plan-

   (a)  reinstatement and replacement insurance for all buildings on each lot
        in accordance with section 59; and

   (b)  public liability insurance in accordance with section 60-

as if any reference in those sections to common property were a reference to
those lots.

(2) Subsection (1) does not apply to-

   (a)  a single-storey building; or

   (b)  a plan of subdivision that was registered under the Cluster Titles Act
        1974 or the Strata Titles Act 1967 unless one or more lots in the plan
        is located above another lot in the plan.