Land Code (Strata) Act · 2000 Revised Edition · Part VI · Insurance
44. Principal insurance policy
Official textFrom Attorney General's Chambers, unchanged
The succeeding provisions of this section shall apply notwithstanding any written law or rule of law or agreement to the contrary.
Every unit proprietor and every person entitled as chargee by virtue of a registrable charge in respect of any unit, has an insurable interest in the property covered by the principal insurance policy.
unit
“unit”, in relation to any land, means a part of the land consisting of a space of any shape situated on or above the surface of the land, or below the surface of the land to the extent that any buildings or related structures occupy the subsoil, or partly in one such situation and partly in another or others, all the dimensions of which are limited, and that is designed for separate ownership;
The strata corporation shall inform the insurer and keep the insurer informed by notice in writing of the name and address of every proprietor and every chargee, provided that nothing in this subsection shall prevent any unit proprietor or chargee from giving such notice to the insurer.
proprietor
“proprietor”, in relation to any unit, means the person for the time being registered as proprietor of the stratum estate in the unit, provided that in sections 37, 38 and 49, where a person is in actual occupation of a unit under a binding agreement for sale and purchase, unless the context otherwise requires, the term
Land Code (Strata)
land
“land” includes land of any tenure, any building or parts thereof, the air space above the surface, the surface of the land and such of the subsoil as is occupied by any buildings and related structures, but excludes the right to all minerals and mineral products including oil and gas;
No principal insurance policy shall lapse or be cancelled, but shall remain in full force and effect until —
the insurer has served on every unit proprietor and every chargee of which the insurer has had notice in accordance with subsection (3), a notice to the effect that the policy shall lapse or be cancelled on the date specified in the notice, being not earlier than 30
days after the date on which the notice is so served; and
the date specified in the notice has arrived.
Notwithstanding anything in paragraph (a) of subsection (4), it shall be sufficient for the purposes of that paragraph if the insurer sends the required notice to a unit proprietor or chargee by registered post addressed to him at the last address of which notice has been given to the insurer under subsection (3).
In any case where the insurer considers that default has been made under the principal insurance policy, whether in respect of the payment of the premiums or otherwise, the insurer shall specify in the notice the default complained of and shall state that the lapsing or cancellation of the policy is conditional upon the default not being remedied before the date specified in the notice in accordance with paragraph (a) of subsection 4.
Unless as otherwise provided in this Act or unless by unanimous resolution all the proprietors otherwise resolve, all money paid by the insurer pursuant to the principal insurance policy shall be applied in or towards reinstatement and where it is to be so applied, no chargee shall be entitled to demand that any part of any such money be applied in or towards repayment of the mortgage debt.
unanimous resolution
“unanimous resolution”, in relation to a strata corporation, means — (a) a resolution which is passed unanimously at a general meeting of the strata corporation at which every proprietor is present and votes either in person or by proxy; (b) a resolution which is passed unanimously at a general meeting of the strata corporation by every proprietor who is present, and votes either in person or by proxy and agreed to within 28 days after the date of the meeting, by every other proprietor who was entitled to be present and vote at the meeting or by his successor in title if he has ceased to be a proprietor after the meeting; or (c) where there is only one proprietor, a decision of that proprietor.
Nothing in this section shall limit or affect the rights of any person in or to the proceeds of the principal insurance policy pursuant to any of the provisions of sections 54 to 61 or section 64.
Terms defined in s 2
land
Defined · s 2“land” includes land of any tenure, any building or parts thereof, the air space above the surface, the surface of the land and such of the subsoil as is occupied by any buildings and related structures, but excludes the right to all minerals and mineral products including oil and gas;
proprietor
Defined · s 2“proprietor”, in relation to any unit, means the person for the time being registered as proprietor of the stratum estate in the unit, provided that in sections 37, 38 and 49, where a person is in actual occupation of a unit under a binding agreement for sale and purchase, unless the context otherwise requires, the term
unanimous resolution
Defined · s 2“unanimous resolution”, in relation to a strata corporation, means — (a) a resolution which is passed unanimously at a general meeting of the strata corporation at which every proprietor is present and votes either in person or by proxy; (b) a resolution which is passed unanimously at a general meeting of the strata corporation by every proprietor who is present, and votes either in person or by proxy and agreed to within 28 days after the date of the meeting, by every other proprietor who was entitled to be present and vote at the meeting or by his successor in title if he has ceased to be a proprietor after the meeting; or (c) where there is only one proprietor, a decision of that proprietor.
unit
Defined · s 2“unit”, in relation to any land, means a part of the land consisting of a space of any shape situated on or above the surface of the land, or below the surface of the land to the extent that any buildings or related structures occupy the subsoil, or partly in one such situation and partly in another or others, all the dimensions of which are limited, and that is designed for separate ownership;
Part VII
Rules of Strata Corporation
Part VIII
Variation Plans
Part IX
Part X
Expiry of Strata Plan
Part XI