a community body corporate or precinct body corporate under the MUD Act
a principal body corporate or primary thoroughfare body corporate under the IRD Act and SCR Act.
The Acts listed above only apply to bodies corporate that donot have a community management statement (CMS) recorded at Titles Queensland.
If your body corporate has a community titles scheme (CTS) number and a CMS registered, it falls under the Body Corporate and Community Management Act 1997 (the BCCM Act).
If you’re not sure, contact Titles Queensland to find out which Act your body corporate is registered under.
a community or a precinct body corporate under the Mixed Use Development Act 1993 (MUD Act)
a principal or a primary thoroughfare body corporate under the
Integrated Resort Development Act 1987 (IRD Act)
Sanctuary Cove Resort Act 1985 (SCR Act).
Community and precinct bodies corporate
Bodies corporate under the MUD Act must get public risk insurance for:
the community property—for a community body corporate
the precinct property—for a precinct body corporate
a road, wharf, or land that is leased to the community or precinct body corporate (including any improvements) under section 164 of the MUD Act.
The policy must be for $10 million.
Principal and primary thoroughfare bodies corporate
Bodies corporate under the SCR Act and IRD Act must get public risk insurance for:
the primary thoroughfare—for a primary thoroughfare body corporate
the secondary thoroughfare—for a principal body corporate
a road, wharf or land (including any improvements on the land) leased to a primary thoroughfare body corporate under section 114 of the IRD Act
consequences of a public risk event at any of the places in this list.
The policy must be for:
$10 million under the SCR Act
$5 million under the IRD Act.
Insurance required under other laws
A body corporate must also have insurance for anything that must be insured under other laws. This means laws that are not body corporate laws.
This includes any insurance needed under the Workers’ Compensation and Rehabilitation Act 2003.
Events decided at general meetings
A body corporate can decide to get insurance for other events by voting at general meetings. It must decide by special resolution (or comprehensive resolution under the MUD Act).
Once a body corporate decides, it must have insurance for those events.
Insurable interest in a property
A body corporate can insure any property it has an insurable interest in.
Insurable interest means the body corporate has something to lose if certain property is damaged or lost. Because of this, it can take out insurance to help protect that property.
