BODY CORPORATE INSURANCE

Everything that forms part of the buildings such as fitted cupboards, walls, and other permanent fixtures and fittings, will be covered by a Body Corporate Insurance policy.

NB. NB. it is important to note that Body Corporate Insurance policy does NOT provide cover for moveable items(Household Contents) in the respective units such as furniture etc.

BODY CORPORATE INSURANCE

A Comprehensive Body Corporate policy should include the following important sections of cover:

• Standard Perils Such as Fire, Theft, Impact, Weather Damage, Earthquake.
• Geyser Replacement, Geyser Maintenance And/or Hot Water Apparatus
• Loss of Rent
• Public Liability
• Trustees Liability
• Sasria
• Power Surges
• Fidelity
• Loss of Water
• Locks and Keys
• Subsidence and Landslip
• Accidental damage
• Money
• Employees liability
• Machinery breakdown

Important things to consider regarding body corporate insurance:

• In terms of the sectional titles act Body Corporate insurance is a compulsory legal requirement.
• Make sure owners are furnished and aware of the terms and conditions of the Body corporate insurance policy in particular excesses or first amounts payable.
• Ensure owners are aware that they themselves are liable for any excess payment in respect of his or her section, payable in terms of a contract of insurance entered into by the body corporate.
• The Body Corporate should be covered for the full replacement value of all residential sections in the complex/Estate including common property. In fact, it is now Legislation that a professional valuation is done every three years to ensure that the complex is not underinsured.

At SMB Insurance Brokers CC we offer a variety of Body corporate insurance products offered by some of the leading insurers in the industry today, so why not get in touch with us today for a comparative quotation.

Get a quote today and save on insurance!

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