Certain insurance exemptions exist for 2-lot subdivisions under section 7 of the Owners Corporations Act 2006.
These include:
Division 6 of Part 3 (sections 54 to 65) of the Act regulates insurance. Two lot subdivisions are exempt from compliance with:
section 59 requirement to take out common property reinstatement and replacement insurance;
section 60 requirement to take out common property public liability insurance;
section 61 requirement for reinstatement and replacement insurance and public liability insurance for all lots if a building is located above or below common property, a reserve or a lot,
section 62 permitting the lot owners to resolve to insure any additional insurable interest;
section 65 requirements for prescribed owners corporations to obtain a valuation of all buildings that it is liable to insure, renew the valuation every five years etc.
Other Exemptions:
The various other compliance exemptions under the Act for 2-lot subdivisions include:
section 18: special resolution required to bring legal proceedings.
section 31: formal fee notice required
section 32: formal final notice required.
section 93: chairperson has a casting vote only if the voting is equal etc.
section 94: a lot owner cannot vote if fees are unpaid
section 95: What is a unanimous resolution? See above.
section 96: What is a special resolution? See above.
section 97: Interim special resolutions.
The following Divisions are also exempt from compliance:
