Insurance: Other – Strata & Community Corporations
Strata Titles Act (plan number less than 20,000)
Duty to insure against other liabilities.
Section 31 of the Strata Titles Act spells out a Strata Corporation’s need to insure against other liabilities.
(3) A strata corporation must keep itself insured against any other liability-
(a) determined by special resolution of the corporation; or
(b) prescribed by the regulations.
Community Titles Act
Section 104 of the Community Titles Act spells out a Community Corporation’s need to insure against other liabilities..Section
Section 104—Other insurance by community corporation
(1) A community corporation must insure itself—
(a) against risks that a normally prudent person would insure against; and
(b) against such other risks as are prescribed by regulation. Maximum penalty: $15 000.