Unit Titles Act 2010

134 Insurance

• (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.

  (2) This section and sections 135 to 137 apply despite any enactment, rule of law, or agreement to the contrary.

  (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.

  (4) For the purposes of subsection (3), in a layered unit title development—

  • (a) the body corporate referred to is the head body corporate; and

  • (b) a unit owner is a unit owner in any unit title development that is part of the layered title development.

  (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.

  (6) Nothing in subsection (5) prevents a unit owner or mortgagee from giving notice to an insurer.

  Compare: 1972 No 15 s 38(1)–(4)