A body corporate – via its trustees - is responsible to ensure that their scheme is sufficiently insured against possible risks. Regular valuations of the scheme (every three years) are vital to establish the correct replacement values of the sections and common property making up the scheme. With updated information from its most recent valuation, the body corporate can make an informed decision at the AGM on whether the scheme is covered sufficiently.
In this training session, we considered the importance of insurance to protect the scheme against unforeseen events and everyday risks. We had an insurance expert on hand to answer some important questions about insurance cover and to explain how insurance companies insure sectional title schemes.
This training session took place on Monday 26 June 2023.
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