Hmm. Are you hoping to do this because you think ten individual building insurances might be cheaper than one standard strata insurance policy? This seems unlikely to me, especially as you say, the OC still needs insurance for the common property, liability etc.
If some are thinking that they would just not insure their units to save some money, that strikes me as a risk to the others. What if, for example, a fire damages two adjacent units, one insured and one not and the owner of the uninsured unit can’t afford to repair that unit. Are the rest of you going to try to rely on trying to get a Tribunal order to make that owner fix their unit?
I know strata insurance has gone up a lot in the last few years but I suspect it is wishful thinking to expect individual insurance has not.