Community Land Management Act 1989 No 202
Current version for 4 July 2014 to date (accessed 1 February 2015 at 01:38)

39   Insurance against damage or destruction

(1)  An association is guilty of an offence if any building or structure on its association property is not at all times fully insured, with an insurer approved by the Minister, against damage or destruction by fire, lightning, explosion or other prescribed risk.

Maximum penalty: 5 penalty units.

(1A)  Any such building or structure is to be insured for not less than:
(a)  the amount determined in accordance with the regulations, or
(b)  if the regulations make no provision for determining the amount, the value of the building or structure indicated by the last valuation obtained for the building or structure in accordance with this Division.
(2)  Subsection (1) does not apply to an association to the extent that an Adjudicator exempts it from the operation of the subsection (whether or not subject to conditions) on application authorised by a unanimous resolution.
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