Singapore legislation
Regulation 14
of Building Maintenance (Strata Management) Regulations 2005
Regulation 14
Calculation of insurance limit under damage policy
Subregulation 1
For the purposes of section 70(2) of the Act, the manner of calculating the amount to which the liability of an insurer may be limited under a damage policy is to add together the following amounts:
the estimated cost, as at the date of commencement of the damage policy, of the rebuilding of the subdivided building or its replacement by a similar subdivided building so that every part of the rebuilt subdivided building or the replacement subdivided building is in a condition no worse or less extensive than that part or its condition when the subdivided building was new;
the estimated cost, as at the date of commencement of the damage policy, of removing debris from the parcel in the event of the subdivided building’s being destroyed by an occurrence specified in the policy;
the fees (estimated as at the date of commencement of the damage policy) payable to architects and other professional persons employed in the course of the rebuilding or replacement referred to in sub-paragraph (a); and
the estimated amount by which expenditure referred to in sub-paragraphs (a), (b) and (c) may increase during the period of 12 months following the date of commencement of the damage policy.
Subregulation 2
If any subsidiary proprietor does not give the notice or pay the premium referred to in regulation 13(2) or 15 before the date of commencement of the damage policy, the estimated cost of improvements or fixtures referred to in that regulation shall not be included in the calculations under this regulation.