s 52
In forceBody corporate policy
Chapter 2Basic operation of a scheme
Part 2.3Key elements of a scheme
Division 3Scheme land
Subdivision 6Insurance of scheme land
52 Body corporate policy
(1) The body corporate of a scheme:
(a) has an insurable interest in the scheme land; and
(b) must ensure there is an insurance policy (body corporate policy) for the common property that complies with sections 53 to 55 (whether comprising 1 or more contracts of insurance).
(2) The body corporate must comply with subsection (1)(b).
Fault element: Strict liability offence.
Maximum penalty: 100 penalty units.
(3) It is a defence to a prosecution for an offence against subsection (2) if the defendant establishes a reasonable excuse.
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