Cover a body corporate needs
WHAT exactly is insured under a body corporate or residential sectional title policy? This is a question all homeowners ask when taking out insurance. The entire complex should be insured under one policy as it is regarded as one building on one premise, i.e. being one legal entity.
Ensure that the full value of a residential body corporate is insured; the total sum insured should include the value of all the units, the outbuildings, guard?s house, electric fence, dividing walls between properties, interlocks and common property of the complex.
In addition to this and, if required, more specific insurance can be taken out on the electric fence energizer, garage door motors, intercom system, and geysers.
When and why is a fire policy required? Some first time home-owners are under the impression that the bond/life insurance on the registration of a loan at a commercial bank is sufficient for a fire policy as well.
It is not as it covers the loan or bond should something happen to you, while the fire policy covers your property, should something happen to it. It is important to remember to cover the value of the building complex only, not the land or ground as nothing can happen to the ground.
You are therefore insuring the improvements you made to the land, and this should be insured at replacement value and not market value. Who should arrange insurance on a body corporate?
Once a complex is finished building and the new owners take ownership of a unit, a committee is usually formed or elected that takes care of the administration of the body corporate including the responsibility for insurance.
As a broker, Alexander Forbes Risk Services determine the insurance needs of the body corporate; obtain quotations from all insurance companies and on receipt of it, present and discuss the quote with the body corporate trustee members, who will then take a decision on behalf of all the unit owners of the complex, which policy they prefer.
Alexander Forbes prides itself in being able to provide quotations immediately or within 24 hours from the best ?Residential Sectional Title? policies on the market. In addition to the basic covers, it includes property escalation and property inflation; loss of water, accidental damage to marble and granite tops, damage to your garden, damage to built in structures like cupboards and stoves, thatch roofed lapas, swimming-pools, gates, wall to wall carpets, air conditioning and many more.
When disaster strikes, all eyes turn towards the broker and we like to make sure, before the policy is issued, that at least the trustee members of the body corporate know exactly what insurance they need, and, in the event of any incident who to contact for immediate assistance. Working through a broker takes a lot of stress out of insurance and its ?complexities.?
As brokers, Alexander Forbes deals directly with the insurers on behalf of clients in the event of a claim or any changes to the policy.
?We maintain personal relations with our clients. It is very much a hands-on relationship, where we know our clients by their name.?
For more information contact Amanda Loubser at Alexander Forbes at +264 61 270 4930
Ensure that the full value of a residential body corporate is insured; the total sum insured should include the value of all the units, the outbuildings, guard?s house, electric fence, dividing walls between properties, interlocks and common property of the complex.
In addition to this and, if required, more specific insurance can be taken out on the electric fence energizer, garage door motors, intercom system, and geysers.
When and why is a fire policy required? Some first time home-owners are under the impression that the bond/life insurance on the registration of a loan at a commercial bank is sufficient for a fire policy as well.
It is not as it covers the loan or bond should something happen to you, while the fire policy covers your property, should something happen to it. It is important to remember to cover the value of the building complex only, not the land or ground as nothing can happen to the ground.
You are therefore insuring the improvements you made to the land, and this should be insured at replacement value and not market value. Who should arrange insurance on a body corporate?
Once a complex is finished building and the new owners take ownership of a unit, a committee is usually formed or elected that takes care of the administration of the body corporate including the responsibility for insurance.
As a broker, Alexander Forbes Risk Services determine the insurance needs of the body corporate; obtain quotations from all insurance companies and on receipt of it, present and discuss the quote with the body corporate trustee members, who will then take a decision on behalf of all the unit owners of the complex, which policy they prefer.
Alexander Forbes prides itself in being able to provide quotations immediately or within 24 hours from the best ?Residential Sectional Title? policies on the market. In addition to the basic covers, it includes property escalation and property inflation; loss of water, accidental damage to marble and granite tops, damage to your garden, damage to built in structures like cupboards and stoves, thatch roofed lapas, swimming-pools, gates, wall to wall carpets, air conditioning and many more.
When disaster strikes, all eyes turn towards the broker and we like to make sure, before the policy is issued, that at least the trustee members of the body corporate know exactly what insurance they need, and, in the event of any incident who to contact for immediate assistance. Working through a broker takes a lot of stress out of insurance and its ?complexities.?
As brokers, Alexander Forbes deals directly with the insurers on behalf of clients in the event of a claim or any changes to the policy.
?We maintain personal relations with our clients. It is very much a hands-on relationship, where we know our clients by their name.?
For more information contact Amanda Loubser at Alexander Forbes at +264 61 270 4930
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