93. Duty to insure buildings

(1)

Any person or body who has a duty or is responsible under this Act to maintain and manage any building shall insure such building under a damage policy with a licensed insurer in accordance with this Part.

(2)

A damage policy means a contract of insurance providing, in the event of the building being destroyed or damaged by fire, lightning, explosion, bursting or overflowing of water tanks or pipes, windstorms and any other occurrence specified in the policy, for—

(a)

the rebuilding of the building or its replacement by a similar building in the event of its destruction so that every part of the rebuilt building or the replacement building is in a condition not worse or not less extensive than that part or its condition when that part was new;

(b)

the repair of damage to, or the restoration of the damaged portion of the building in the event of its being damaged but not destroyed, so that the repaired or restored portion is in a condition not worse or not less extensive than that portion or its condition when that portion was new;

(c)

the payment of expenses incurred in the removal of debris;

and

(d)

the remuneration of architects and other persons whose services are necessary as an incident to the rebuilding, replacement, repair or restoration.

(3)

A damage policy may provide that, instead of the work and the payments being carried out or made on the occurrence of any of the events specified in subsection (2), the liability of the insurer is, on the occurrence of any such event, limited to an amount specified in the policy that is not less than the valuation of the building as determined in section 94.

Report

Read on from s 94

Part IX

Disputes and Strata Management Tribunal

Read on from Part IX

Part X

Read on from Part X

Part XI

Miscellaneous

Read on from Part XI