Section 44
Section 44
(1)
The succeeding provisions of this section shall apply notwithstanding any written law or rule of law or agreement to the contrary.
(2)
Every unit proprietor and every person entitled as chargee by virtue of a registrable charge in respect of any unit, has an insurable interest in the property covered by the principal insurance policy.
(3)
The strata corporation shall inform the insurer and keep the insurer informed by notice in writing of the name and address of every proprietor and every chargee, provided that nothing in this subsection shall prevent any unit proprietor or chargee from giving such notice to the insurer.
Land Code (Strata)
(4)
No principal insurance policy shall lapse or be cancelled, but shall remain in full force and effect until —
(a)
the insurer has served on every unit proprietor and every chargee of which the insurer has had notice in accordance with subsection (3), a notice to the effect that the policy shall lapse or be cancelled on the date specified in the notice, being not earlier than 30
days after the date on which the notice is so served; and
(b)
the date specified in the notice has arrived.
(5)
Notwithstanding anything in paragraph (a) of subsection (4), it shall be sufficient for the purposes of that paragraph if the insurer sends the required notice to a unit proprietor or chargee by registered post addressed to him at the last address of which notice has been given to the insurer under subsection (3).
(6)
In any case where the insurer considers that default has been made under the principal insurance policy, whether in respect of the payment of the premiums or otherwise, the insurer shall specify in the notice the default complained of and shall state that the lapsing or cancellation of the policy is conditional upon the default not being remedied before the date specified in the notice in accordance with paragraph (a) of subsection 4.
(7)
Unless as otherwise provided in this Act or unless by unanimous resolution all the proprietors otherwise resolve, all money paid by the insurer pursuant to the principal insurance policy shall be applied in or towards reinstatement and where it is to be so applied, no chargee shall be entitled to demand that any part of any such money be applied in or towards repayment of the mortgage debt.
(8)
Nothing in this section shall limit or affect the rights of any person in or to the proceeds of the principal insurance policy pursuant to any of the provisions of sections 54 to 61 or section 64.
Separate insurance on units.