REAL ESTATE Insurance
Want to Know a little about Body Corporate Insurance? Let us tell you.
Body corporate insurance is a type of insurance specifically designed for residential or commercial properties that are managed by a body corporate or homeowners’ association. It typically covers the shared or common areas of buildings such as apartment complexes, townhouses, or commercial units within a development.
Insurance for Real Estate
This insurance helps protect against risks like fire, theft, vandalism, and public liability. It may also include coverage for structural damage to the building and its fixtures, as well as legal expenses incurred by the body corporate. Body corporate insurance ensures that all property owners within the development share the cost of insurance premiums and are collectively protected against unforeseen events that could affect the shared property and its occupants.
Some of the covers available
Buildings
Fidelity cover
Geysers
Public liability
Trustee liability
Commercial Sectional Title
Residential Sectional Title
Golf Estates
Sectional Title Retirement Villages
Share Block Schemes
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As this is specialised insurance, we require some information that will allow for us to setup for a meeting and setup time to understand your requirements as each business is unique.
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INSURANCE SOLUTIONS
Available Products
Trustees Indemnity
Buildings & Common Property
Protection against physical loss or damage to buildings, common property, and contents of the Body Corporate, including architectural features, structures, burst and leaking geysers, gate motors, entrances, security, irrigation systems and swimming pools.
Loss of Rent
Insurance covering loss of rental income due to property damage that makes it uninhabitable, including costs for alternative accommodation, access prevention, and utility service failures.
Legal Liability
Fidelity Cover
This insurance covers community schemes against financial losses resulting from fraud or dishonesty, mandatory for all body corporates and community schemes.
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Body Coporate Insurance
Body Corporate Insurance
What is sectional title body corporate insurance?
Why is sectional title body corporate insurance necessary?
It ensures that the common areas and structures are protected against risks like fire, flood, and theft, safeguarding the financial interests of all owners.
What types of coverage are typically included in sectional title body corporate insurance?
Coverage includes building insurance, public liability, common area contents, and fidelity guarantee insurance.
Who is responsible for arranging sectional title body corporate insurance?
The body corporate, which represents all unit owners, is responsible for arranging and maintaining the insurance policy.
How is the premium for sectional title body corporate insurance calculated?
Premiums are based on factors like the value of the buildings, location, risk factors, and the level of coverage selected.
What is fidelity guarantee insurance and why is it important?
Fidelity guarantee insurance protects the body corporate against financial loss caused by fraud or theft by trustees or managing agents.
Are individual unit owners covered by sectional title body corporate insurance?
The insurance primarily covers the structure and common areas; unit owners need separate insurance for their personal contents and improvements.
What is the process for making a claim on sectional title body corporate insurance?
Claims typically involve notifying the insurer, providing necessary documentation, and following the insurer’s assessment and approval process.
How can a body corporate ensure they have adequate coverage?
Regularly reviewing the policy, conducting property valuations, and consulting with insurance professionals can help ensure adequate coverage.
What are the common exclusions in sectional title body corporate insurance policies?
Common exclusions include wear and tear, gradual deterioration, defective workmanship, and intentional damage. Always review the policy details.
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