These items are described as exterior fixtures and fittings and are usually owned by owners within the scheme. They are deemed to be part of the buildings, as belonging to the landlord, and would automatically enjoy cover for most damages (e.g. impact, fire, lightning, storm, etc.) but not always for loss due to theft.
Most insurance policies provide a limited benefit amount for theft of landlord’s exterior fixtures and fittings; usually between R10 000 and R20 000 depending upon the specific policy benefits by design. If the policy does not provide this cover, the property owner may elect to insure these installations on an all risk basis by specifying the item for value and description in the business all risk section of the policy.
Caution: A tenant may also be granted permission to install these items on the exterior and common property of the scheme. In this case, the item is not the property of the body corporate or landlord, but rather the tenant. The tenant may elect to insure his equipment personally and on his own policy, failing which the body corporate may request that the item or installation be listed as a tenants fixture and fitting for cover in the body corporate policy.
Aerials, masts and satellite dishes are usually placed or installed on roof spaces and/or positioned in such a place that it would not be at risk to theft loss. In these cases, the need for theft cover may not necessarily be considered. Air conditioner condenser units are very much at risk where they may be positioned within reach. It is very common for these items to be stolen for their value in scrap metal and wiring. The same insurance options therefore apply to these.
Author: Brian Addison
Contact Addsure – The Leaders in Sectional Title Insurance – for fit and proper advice from advisors who understand Sectional Title. Contact us in Johannesburg (011) 704-3858; Durban (031) 459-1795; Cape Town (021) 551-5069