Body Corporate Insurance
Broker Directory Article
Body Corporate Insurance in South Africa
Are the buildings and communal property areas of corporate buildings and/or residential complexes, properly insured in the Sectional Title or Body Corporate Insurance policy? Body Corporate Insurance is a special offer for the collectives that manage the communal areas of a residential complex or building.
This specialist form of insurance, is normally sourced through the appointed Trustees of a Body Corporate, or Sectional Title units. Body Corporate Insurance must be regularly assessed by the Trustees.One of the most important items on the list of Sectional Title Trustee duties, is to ensure that all the buildings and improvements within their sectional title scheme is insured to the right value – this is something that should be discussed at every Annual General Meeting.
Body Corporate Insurance provides peace of mind cover for the buildings, common property, walls (boundary), gate motors, entrances, security and irrigation for individual owner replacement - as an example.
Everything that forms part of the buildings (eg fitted cupboards, walls, and other permanent fixtures and fittings), will be covered by a Body Corporate Insurance policy, also known as Sectional Title Insurance. Owners of sectional title units are sometimes under the mistaken impression that the Body Corporate Insurance policy also covers moveables such as furniture and curtains as well. However, this is not the case.
Being a specialist niche area, all product options should be considered. These options may be confusing...
In fact, the smartest thing you can do is -- Get a specialist broker to do it for you!
|Also, note the following guidelines and considerations, with regards to Body Corporate Insurance:|
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