Section 45
Section 45
(1)
Nothing in section 30, 31, 43 or 44 shall limit the right —
(a)
of a proprietor to effect a policy of insurance in respect of the destruction of or damage to his unit;
Land Code (Strata)
B.L.R.O. 2/2000 35
(b)
of a chargee of a unit to require the proprietor, as a condition of the loan, to effect a policy of insurance, in this section referred to as a charge redemption policy, to indemnify the proprietor against liability to repay the whole or any part of the sum secured to the chargee in the event of the destruction or damage of the unit.
(2)
Any payment made under a charge redemption policy by the insurer shall be made to the chargees whose interests are noted on the policy in the order of their respective priorities.
(3)
No charge redemption policy shall be liable to be brought into contribution with any other policy of insurance except another charge redemption policy effected in respect of the same charge debt.
(4)
This section shall apply notwithstanding any rule of law to the contrary.