23
In forceInsurance of Scheme infrastructure
Part 3Functions and powers of the Trust
Division 1Construction and maintenance of the Scheme infrastructure
23 Insurance of Scheme infrastructure
(1)
The Trust must, to the extent that it is reasonably practicable to do so, insure the Scheme infrastructure against—
(a)
risks that a normally prudent person would insure against;
and
(b)
risks that are prescribed by regulation.
(2)
The insurance must, if possible, be for the full cost of replacing the Scheme infrastructure with new materials and equipment.
(3)
The Trust must, to the extent that it is reasonably practicable to do so, insure itself against—
(a)
risks that a normally prudent person would insure against;
and
(b)
risks that are prescribed by regulation.
This Act’s bill:Second reading speech
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