Strata Management Act 2013 · s 94

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s 94Amount to be insured

(1)

Any building shall be insured for at least the reinstatement value of the building indicated by the last valuation obtained for the building.

(2)

For the purpose of determining the reinstatement value of the building that is required to be insured under this Part, a reinstatement valuation of the building shall be obtained from a registered valuer at least once every five years.

(3)

The cost of such valuation shall be paid out from the maintenance account.