Insuring owner’s contents vs. body corporate contents
Limited cover for community-owned assets Most insurance policies that are tailored for community living needs provide a limited amount of cover for the owned loose assets of the body corporate…
Addsure
Why you need an FSP representative?
What is a representative of the FSP (Financial Services Provider)? This is the person who is registered and qualified to provide you with financial advice. In terms of FAIS legislation:…
How is my garage insured?
A broker who understands sectional title will ask the right questions about your garages, ensuring they are insured correctly, reflected accurately on the schedule of replacement values, and that everyone…
Insurance definitions: Capital additions
In order to protect their financial interests, property owners take out insurance policies providing sufficient cover against loss of, or damage to the property. The insurance policy is usually contracted…
Increased replacement values
In terms of legislation, “…trustees shall take steps to insure the buildings…to the full replacement value thereof…” In addition to this obligation, legislation also states that “Any owner may…increase the…
Sudden damage vs. gradual damage
While policy wording may differ between traditional buildings combined cover and assets all risk cover, the basic exclusions (what is not covered) remain the same. Sudden vs gradual damage The…
How to deal with a community scheme liability claim
(Updated 26 August 2024) When a person suffers a loss by way of damage to property, injury or loss, or loss of life through perceived or alleged negligence on the…
A picture is worth a thousand words – using photographs in insurance claims
In a property insurance contract, it is the responsibility of the client to ensure there is full disclosure to the insurer when declaring the details of the property to be…
News on Insurance and AGMs – Proposed New Insurance Rules
Under current prescribed management rules, the trustees need to see to it that the schedule of replacement values (SRV) is presented at the annual general meeting for consideration and approval.…
The valuation and the proposed prescribed rules
(Updated 15 January 2025) In this short article, we unpack the prescribed rules, pertaining to the valuation, and effect of insurance presentation. These are the prescribed management rules as set…