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Don't quote me, I don't know the answer for sure, but someone else in our company said they needed to research a similar thing and in fact found that there is no actual requirement to set up a Body Corporate, but this could also vary by State.

In essence there should be a strata building policy in place regardless of whether there is a Body Corporate or not. If there is no Body Corporate this can be organised by one of the owners and a share recouped from each owner. This is definitely a far better option than trying to insure your...