Land Titles Regulation 2015

An arrangement to insure a building must include an arrangement to insure and keep insured the building, to the greatest practicable extent—

for the replacement value of the building from time to time against all of the following risks:

fire, tempest, earthquake and explosion;

riot, civil commotion, strikes and labour disturbances;

malicious damage;

bursting, leaking and overflowing boilers, water tanks, water pipes and associated apparatus;

impact of aircraft (including parts of, and objects falling from, aircraft), road vehicles, horses and cattle; and

for costs incidental to the reinstatement or replacement of the insured building, including the cost of removing debris and the fees of architects and other professional advisors.

An arrangement to insure a building must set out a method for allocating the costs of the insurance premiums between the parties to the building management statement including the basis of that method as user pays, lease value or otherwise.