Queensland Body Corporate and Community Management Act 1997 s189-SM-s197-198: s 189 and Standard Module ss 197 and 198 Insure common property, assets and buildings for full replacement value

The body corporate must insure common property and body corporate assets for full replacement value and, where lots are in a building format or volumetric format scheme, each building to the extent it is scheme land. Policies must cover damage and incidental reinstatement costs (including debris removal and professional fees) and provide for reinstatement to as-new condition. If full replacement value cover cannot be obtained for certain buildings the body corporate may apply for an alternative insurance order.