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I am neither a lawyer nor an insurance agent but I thing part 5 of schedule 2 applies to your situation. Section 99 seems to be for larger schemes where the strata committee (company) hasn’t got round to getting required insurance a concerned owner goes ahead and arranges it themselves then gets compesated by the strata scheeme.
Schedule 2, Part 5 seems to say, in a small two or three-lot, single-level strata scheme:
1. you need to get insurance
2. you can get it individually or collectively.
3. You should work out with your neighbour(s) what it’s going to be.
4. If one gets strata insurance individually, then the other(s) must look after themselves too.