11 Qualifications for person to carry out valuation for insurance purposes
A person is qualified to carry out a valuation for the purposes of section 85 of the Act if the person:(a) is a registered valuer within the meaning of the Valuers Act 2003, or(b) has successfully completed a course conducted by a tertiary institution that qualifies the person to be a quantity surveyor.
12 Manner of calculation of insurance limit under damage policy
(1) For the purposes of section 82 (6) of the Act, the manner of calculating the amount to which the liability of an insurer may be limited under a damage policy is to add together the following amounts:(a) the estimated cost, as at the date of commencement of the damage policy, of:(i) carrying out the work that a damage policy is required to provide for under section 82 (2) of the Act, and(ii) making the payments that a damage policy is required to provide for under section 82 (4) and (5) of the Act,(b) the estimated amount by which expenditure referred to in the preceding paragraphs may increase during the period of 18 months following the date of commencement of the damage policy.(2) The amounts referred to in subclause (1) (a) and (b) are to be calculated so as to include any applicable taxes, fees and charges (including taxes, fees and charges of the Commonwealth).