Does a portfolio insurance policy meet the requirements of the Owners Corporations Act?
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I am a lot owner and committee member in a retirement village with an owners corporation. Under our management agreement, the village operator obtains the insurances required by sections 59 and 60 of the Owners Corporations Act 2006 (the Act) as part of a portfolio insurance program covering multiple retirement villages and other facilities such as aged care. Our owners corporation is listed as a named insured on those policies.