31. Insurance of a building in a housing estate
Feedback & supportThe body corporate shall insure the buildings in the housing estate concerned and keep the buildings insured under a damage policy.
body corporate
“body corporate” means a body corporate constituted under an order made by the Minister pursuant to section 3;
For the purposes of this section —
“building” does not include the fixtures of owners of flats in the building;
“damage policy”, in relation to a building in a housing estate, means a contract of insurance providing, in the event of the building being destroyed or damaged by fire, lightning, explosion or any other occurrence specified in the policy —
housing estate
“housing estate” means any housing estate built on any of the parcels of land which are more particularly described in the First Schedule;
for —
the rebuilding of the building or its replacement by a similar building in the event of its destruction; and
the repair of damage to, or the restoration of the damaged portion of, the building in the event of its being damaged but not destroyed,so that, in the case of destruction, every part of the rebuilt building or the replacement building and, in the case of damage, the repaired or restored portion, is in a condition no worse nor less extensive than that part or portion or its condition when that part or portion was new; and
for the payment of expenses incurred in the removal of debris and the remuneration of architects and other persons whose services are necessary as an incident to the rebuilding, replacement, repair or restoration;
“fixture”, in relation to a flat, means any structure or fixture made after the issue of the temporary occupation licence by the competent authority for the flat, being a structure or fixture which is exclusively for the use and enjoyment of a flat within or partly within the building but not being a floor, wall or ceiling.
flat
“flat” means a unit in any of the housing estates built on any of the parcels of land which are more particularly described in the First Schedule being a unit which is used as a separate dwelling or for commercial purposes;
A damage policy may provide that, instead of the work and the payments specified in the definition of “damage policy” in subsection (2) being carried out or made upon the occurrence of any of the events specified in that definition, the liability of the insurer shall, upon the occurrence of any such event, be limited to an amount specified in the policy and not exceeding an amount calculated in the prescribed manner.