s 55
In forceOther requirements for body corporate policy
Chapter 2Basic operation of a scheme
Part 2.3Key elements of a scheme
Division 3Scheme land
Subdivision 6Insurance of scheme land
55 Other requirements for body corporate policy
(1) The body corporate policy must:
(a) provide for the insurer giving a notice of cancellation mentioned in section
59 of the Insurance Contracts Act 1984 (Cth) to the mortgagee of each unit; and
(b) prohibit a cancellation of the policy on the sole basis of a breach of its conditions by someone other than the body corporate.
(2) The body corporate policy may provide for a right of indemnity of the insurer against a unit owner who breaches a condition of the policy.
(3) The body corporate policy has effect as if the interests of the mortgagee of each unit had been recorded on the policy.
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