s 57
In forceInsurance for mortgaged unit
Chapter 2Basic operation of a scheme
Part 2.3Key elements of a scheme
Division 3Scheme land
Subdivision 6Insurance of scheme land
57 Insurance for mortgaged unit
The mortgagee of a unit must not require the unit owner to maintain an insurance policy (the owner policy) for an interest already covered by a body corporate policy unless:
(a) the amount insured under the body corporate policy for the interest is less than the amount owing under the mortgage; and
(b) the owner policy covers the difference between the amounts.
Subdivision 7 Reinstating damaged scheme land
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