An owners corporation may insure any property that it is not required to insure by this Part and in which it has an insurable interest.
An owners corporation may take out insurance, at its own expense, in respect of any of the following—
damage to property, death or bodily injury for which a person holding the office of chairperson, secretary or treasurer of the owners corporation or of a member of the strata committee of the owners corporation could become liable in damages because of an act or omission, committed or omitted in good faith, in performing the functions of that office,
misappropriation of money or other property of the owners corporation.
Any insurance taken out under this section must be taken out with an approved insurer.