We are a two-unit body corporate. How much public liability insurance are we required to have? – Sullivan, QLD

Q: We are a two-unit body corporate. How much public liability insurance are we required to have?

 

A: In Queensland, a body corporate must have public risk insurance for common property and some body corporate assets such as gym equipment and pool furniture. The insurance policy needs to be for a minimum of $10 million per single event and a minimum of $10 million for the length of time the policy covers, regardless of the size of the property. A body corporate can also take out other types of insurance (such as office bearers’ liability insurance) if they wish, but this is not mandatory.