An owners corporation must take out the following insurance with an approved insurer, in addition to any other requirements of this Part—
Workers Compensation Act 1987 and the Workplace Injury Management and Workers Compensation Act 1998 to be taken out,insurance in respect of any occurrence against which it is required by law to insure, including any insurance required by the
insurance in respect of damage to property, death or bodily injury for which the owners corporation could become liable in damages,
insurance against the possibility of the owners becoming jointly liable because of a claim arising in respect of any other occurrence against which the owners corporation, in accordance with a special resolution, decides to insure,
insurance against any damages for which the owners corporation could become liable because, without fee or reward or any expectation of fee or reward, a person acting on behalf of the owners corporation does work in a building or on the common property in the strata scheme,
insurance of any other class prescribed by the regulations for the purposes of this subsection.Maximum penalty—5 penalty units.
Insurance taken out in accordance with subsection (1) (b) must be for a cover of not less than $10,000,000 for each event for which any claim or claims may be made or, if the regulations provide for another amount, that other amount.
The regulations may provide that the amount is to be calculated or determined in the manner prescribed by the regulations.