Firstly, it is critical that the client disclose anything they know about the risk that may influence the insurer in their decision to accept the
As a community scheme, safety and security are paramount. It’s essential to keep a close eye on the condition of our shared structures, such as
In terms of The Sectional Titles Schemes Management Act 8 of 2011 (STSMA), specifically, Prescribed Management Rule 23.(3), A body corporate must obtain a replacement
It is advisable for executives, trustees, or directors of a community scheme to regularly commission a professional replacement cost valuation of the buildings, aligning with
A boundary wall serves as a dividing structure between two pieces of land (defines boundaries) and a retaining wall serves to split levels of ground
(Updated: 12 December 2024) One of the most common errors which occur following a professional valuation, is the duplication of escalation. This happens very easily
Following the amendment to community scheme property legislation, most community schemes had to comply with the requirement for appropriate fidelity guarantee insurance. Specialist community scheme
Under the current Community Schemes Ombud Service (CSOS) Act, all community schemes are required to have sufficient fidelity guarantee insurance. It is also prudent to
Yes, managing agents definitely need their own fidelity cover. The PPRA (Property Practitioners Regulation Authority), notwithstanding that a property practitioner holds such a fidelity fund
A community scheme may well have a separate fidelity or commercial crime policy from the main policy. I refer to the scheme’s main policy as