Strata Schemes Management Regulation 2010
Current version for 4 July 2014 to date (accessed 22 December 2014 at 10:54)
Part 3Clause 12

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).
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