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Tip 49 – Insurance – Can we self-insure?

After years of cyclones and floods some bodies corporate have found it impossible to discharge their statutory insurance obligations.  Under the Body Corporate and Community Act 1997 there is limited scope for a body corporate to comply to a lesser insurance standard, or even to put in place a scheme of self-insurance.  In either case the permission of the Commissioner will be required, as will very good evidence as to exactly what insurance can be obtained and for what price.