Strata Schemes Management Regulation 2010
12 Manner of calculation of insurance limit under damage
(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
(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).