Land Code (Strata) Act · 2000 Revised Edition · Part VI · Insurance
45. Separate insurance on units
Official textFrom Attorney General's Chambers, unchanged
Nothing in section 30, 31, 43 or 44 shall limit the right —
of a proprietor to effect a policy of insurance in respect of the destruction of or damage to his unit;
Land Code (Strata)
of a chargee of a unit to require the proprietor, as a condition of the loan, to effect a policy of insurance, in this section referred to as a charge redemption policy, to indemnify the proprietor against liability to repay the whole or any part of the sum secured to the chargee in the event of the destruction or damage of the unit.
Any payment made under a charge redemption policy by the insurer shall be made to the chargees whose interests are noted on the policy in the order of their respective priorities.
No charge redemption policy shall be liable to be brought into contribution with any other policy of insurance except another charge redemption policy effected in respect of the same charge debt.
This section shall apply notwithstanding any rule of law to the contrary.
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
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