Thursday, October 1, 2020

Strata Schemes Management Act 2015 No 50

Part 9
Division 3
Section 175

Orders requiring damage policy | Section 175

(1)  The Tribunal may, on application, order that a damage policy must be taken out for a specified amount, if the Tribunal is satisfied that there is a dispute about the amount for which any such insurance should be taken out or the proportions in which the premium should be paid.

(2)  The order may require insurance to be taken out in accordance with the order for a period of up to 90 days, but does not affect the requirement made by this Act to keep the building insured after that period.

(3)  The Tribunal may, on application, order that the amount of any insurance taken out for a damage policy or under section 164 (1) (c) must be varied to a specified amount, if the Tribunal considers that the amount of the current insurance is unreasonable.

(4)  An order must specify by whom the insurance is to be taken out or varied and (if the building is included in a part strata parcel) the proportions in which the premium is to be paid.

(5)  An application for an order under this section may be made by any of the following—

(a)  an owner or a mortgagee of a lot shown on the strata roll, or a person having an interest in a lot, in a strata scheme for the whole or any part of the building concerned,

(b)  the lessor of a leasehold strata scheme for the building or any part of the building concerned or by any owner or sublessee of the common property,

(c)  if part of the building is included in a part strata parcel, any person in whom is vested (or who has an interest in) an estate in fee simple in any part of the building or its site that is not included in a part strata parcel or any mortgagee under a mortgage registered under the Real Property Act 1900 of any such estate or interest,

(d)  an authority having the benefit of a positive covenant affecting the building or its site

© State of New South Wales Department of Customer Service. For current information go to www.nsw.gov.au.

Disclaimer: Reproduced from the Strata Schemes Management Act 2015 . This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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