Friday, October 30, 2020

Strata Schemes Management Act 2015 No 50

Part 9
Division 1
Section 164

Other mandatory insurance requirements for owners corporation | Section 164

(1)  An owners corporation must take out the following insurance with an approved insurer, in addition to any other requirements of this Part—

(a)  insurance in respect of any occurrence against which it is required by law to insure, including any insurance required by the Workers Compensation Act 1987 and the Workplace Injury Management and Workers Compensation Act 1998 to be taken out,

(b)  insurance in respect of damage to property, death or bodily injury for which the owners corporation could become liable in damages,

(c)  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,

(d)  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,

(e)  insurance of any other class prescribed by the regulations for the purposes of this subsection.

Maximum penalty—5 penalty units.

(2)  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.

(3)  The regulations may provide that the amount is to be calculated or determined in the manner prescribed by the regulations.

© 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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