s 70 Insurance of subdivided buildings
70.—(1) Unless otherwise directed by a resolution by consensus, the management corporation constituted in respect of a strata title plan must insure every subdivided building shown in the strata title plan and keep the building insured under a damage policy. (2) A damage policy may provide that, instead of the work and the payments specified in the definition of “damage policy” in section 69 being carried out or made upon the occurrence of any of the events specified in that definition, the liability of the insurer is, upon the occurrence of any such event, limited to an amount specified in the policy that is not less than an amount calculated in the prescribed manner.