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Owners corporations must also take out public liability insurance for common property to a minimum of $10 million. Public liability insurance must cover any liability for the owners corporation to pay compensation in the case of any injury, death or illness of a person, and any damage or loss of property arising from the common property.

If there is no common property then the owners corporation can by a unanimous resolution decide that each lot owner must arrange their own insurance.

Two-lot subdivisions are also exempt from these requirements, but if there is common property, the owners should still have public liability insurance.

 

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