Products

Addsure offers the following types of policies:

Bodies corporate need to ensure that they are properly and adequately insured in terms of the buildings, fidelity and liability. Read our blog on the 1-2-3 of sectional title insurance. As a financial services provider, Addsure has policy agreements with insurance companies and underwriting managers who offer sectional title insurance products. Generally, these policies automatically cover the requirements of the CSOS (Community Schemes Ombud Services) Act regulations, STSM (Sectional Title Schemes Management) Act and its regulations and prescribed rules. It excludes non-standard buildings and improvements, certain leaking pipes, retaining walls and certain other risk. Sectional title insurance products provide cover for the buildings with specific sections for geyser maintenance cover, liability, trustee indemnity and fidelity. Liability, trustee indemnity and fidelity may differ from policy to policy and some policies do not comply in terms of fidelity.

Sectional title legislation requires that bodies corporate are insured against liability in respect of death, injury, illness, loss or damage to property occurring on the common property.

Most sectional title policies include liability (property owners’ liability) but there are instances where additional liability cover is needed.

Camargue Underwriting Managers provide Addsure clients with a wide variety of liability products.

Most community scheme policies include trustee indemnity as an extension of liability cover. This can be increased or alternative cover purchased.

Many sectional title policies have limited fidelity cover which covers dishonesty of trustees and employees but excludes managing agent dishonesty. CSOS Regulations and Sectional Title Prescribed Management Rules require that managing agent dishonesty be covered by a policy purchased by the body corporate.

Trustees are mandated to purchase additional cover against appropriate perils:

Legal liability product: Bodies corporate can purchase a legal liability product to extend liability to cover legal defence costs excluded by standard liability policies: Bodies corporate can purchase a legal liability product to extend liability to cover legal defence costs excluded by standard liability policies.

Excess buy-back or stand-alone geyser excess cover: Excess buy-back policies can be purchased to top up geyser excess shortfalls and/or limits.

Extended computer crime policies: Top up cyber risks and computer crime policies are available

Homeowners’ associations (HOAs) are specifically designed to cover the common property and liability risks for this type of community schemes.

A non-profit company (NPC) structured HOAs may also need to consider directors and officer liability insurance.

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