Victoria Owners Corporations Act 2006 65: Valuation of insured buildings every five years

What does 65 require?

An owners corporation must obtain a valuation of all buildings it is liable to insure, at least every five years, and the valuation must be used in setting the sum insured. A tier five owners corporation is exempt. For a multi-level development the valuation covers the development on the plan for which the corporation is liable to insure.