(1) An owners corporation must take out public liability insurance for the common property in accordance with this section.
(2) The public liability insurance required under subsection (1) is insurance for any liability of the owners corporation to pay compensation in respect of—
(a) any bodily injury to or death or illness of a person; and
(b) any damage to or loss of property—
which is sustained as a result of an occurrence or happening in connection with the common property.
(3) The owners corporation must ensure that, in the insurance which the owners corporation has under subsection (2), the limit of liability is a minimum of $10 000 000, or if another amount is prescribed, that other amount, in any one claim and in the aggregate during any one period of insurance.