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…
body corporate insurance
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…
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…
The Definitions of Insured Values – Part 2
Insurance is a contract between the insurer and the insured, and as such it is subject to numerous terms and conditions as contained in the policy wording. Beyond this contract…
The Definition of Insured Values – Part 1
Insurance is a contract between the insurer and the insured, and as such it is subject to numerous terms and conditions as contained in the policy wording. Beyond this contract…
Budgeting for your insurance
We are often asked how much we expect the premium to increase by this year. Our clients expect us to say X per cent, but there is more to it…
Claim settlement of a destroyed section
The matter of market values (purchase price) and replacement values (rebuilding costs) has been the subject of many discussions, but it’s important to distinguish these two values from each other.…