(1) In this section and sections 135 to 137, unless the context otherwise requires,—
insurer means the provider of a principal insurance policy
mortgagee means a mortgagee who, by virtue of subsection (3), has an insurable interest in the property covered by a principal insurance policy
principal insurance policy, in relation to the units or common property shown on a unit plan, means the insurance policy effected by the relevant body corporate in accordance with section 135.
(3) The body corporate, every unit owner, and every person entitled as mortgagee, by virtue of a registrable mortgage of any principal unit, have an insurable interest in the property covered by the principal insurance policy.
(5) The body corporate must, by notice in writing, inform the insurer and keep the insurer informed of the name and address of every unit owner and mortgagee.