Section 83
Amount to be insured
of Strata Management Ordinance, 2019
State OrdinanceIn forceProvision 79 of 137
Section 83
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(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 under the Valuers, Appraisers, Estate Agents and
Property Managers Act 1981 [Act 242] at least once in every three years.
(3)
The cost of such valuation shall be paid out from the maintenance account.