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Body Corporate Insurance Glossary

Body Corporate

In New Zealand, a body corporate is the legal entity automatically formed under the Unit Titles Act 2010 that owns and manages the common property of a unit-titled building. Every unit owner is a member.

The body corporate is responsible for insuring the building (including unit interiors at the structural level), maintaining common areas, levying owners for shared costs, and enforcing the body corporate's operational rules. It is governed by an elected committee and operates under the Unit Titles Act 2010.

For insurance purposes, the body corporate is the named insured on the building policy — not the individual unit owners. Owners typically take out their own contents insurance for moveable property, plus optional cover for fit-out and renovations beyond the standard reinstatement value.

See also

Related terms

Unit Title

A unit title is a form of property ownership in New Zealand where you own a defined unit (e.g. an apartment) plus a share of the common property, governed by the Unit Titles Act 2010. It is the most common ownership structure for apartments and townhouse complexes.

Body Corporate Operational Rules

Operational rules are the by-laws that govern day-to-day life inside a body corporate — covering noise, pets, parking, common-area use, and enforcement. They are set by the body corporate under the Unit Titles Act 2010, with default rules supplied by the Act.

Long-Term Maintenance Plan (LTMP)

A Long-Term Maintenance Plan is a 10-year forward-looking maintenance schedule that body corporates in New Zealand must establish under the Unit Titles Act 2010. It records the building elements requiring maintenance, expected cost, and timing, and informs the long-term maintenance fund.

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