41   Optional insurance

(1)  An association may insure any property:

(a)  in which it has an insurable interest, and

(b)  which it is not required by this Division to insure.

(2)  This Division does not limit any right of a proprietor of a lot to effect insurance.

(3)  An association 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 association 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 association.