87 What other insurance must an owners corporation take out?
(1) In addition to insurance taken out by an owners corporation in accordance with Division 2, the owners corporation must take out insurance:(a) in respect of any occurrence against which it is required by law to insure, including any insurance required by the Workers Compensation Act 1987 and the Workplace Injury Management and Workers Compensation Act 1998 to be taken out, and(b) in respect of damage to property, death or bodily injury for which the owners corporation could become liable in damages, and(c) against the possibility of the owners becoming jointly liable by reason of a claim arising in respect of any other occurrence against which the owners corporation, in accordance with a special resolution, decides to insure, and(d) against any damages for which the owners corporation could become liable by reason that, without fee or reward or any expectation of fee or reward, a person acting on behalf of the owners corporation does work in a building or on the common property in the strata scheme, and(e) of any other class prescribed by the regulations for the purposes of this subsection.Maximum penalty: 5 penalty units.
(2) Insurance taken out in accordance with subsection (1) (b) must be taken out with an approved insurer and must be for a cover of not less than $10,000,000 for each event in respect of which any claim or claims may be made or, if the regulations provide for another amount, that other amount.(3) Regulations made for the purposes of subsection (2) may provide that the amount is to be calculated or determined in the prescribed manner.
88 What other insurance may an owners corporation take out?
(1) An owners corporation may insure any property that it is not required to insure by this Part and in which it has an insurable interest.(2) An owners corporation may take out insurance, at its own expense, in respect of either or both of the following:(a) damage to property, death or bodily injury for which a person holding the office of chairperson, secretary, treasurer or member of the executive committee of the owners corporation could become liable in damages because of an act or omission, committed or omitted in good faith, in performing the functions of that office,(b) misappropriation of money or other property of the owners corporation.