(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.
S. 61(2) substituted by No. 2/2008 s. 14.
(2) Subsection (1) does not apply to—
(a) a single-storey building; or
S. 62 amended by No. 2/2008 s. 12(3).