Section 82
of Strata Management Ordinance, 2019
Section 82
—
Any person or body of persons who has a duty or is responsible under this Ordinance to manage and maintain any building shall insure such building under a damage policy with a licensed insurer in accordance with this Part where there is no such insurance policy subsisting.
(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,
(a)
for—
(i)
the rebuilding of the subdivided building or its replacement by a similar building in the event of its destruction; and
(ii)
the repair of damage to, or the restoration of the damaged portion of, the subdivided building in the event of it being damaged but not destroyed, so that, in the case of destruction, every part of the rebuilt building or the replacement building and, in the case of damage, the repaired or restored portion, is in a condition no worse nor less extensive than that part or portion or its condition when that part or portion was new;
(b)
the payment of expenses incurred in the removal of debris; and
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(c)
the remuneration of architects or 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 83.