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The owners corporation can, by ordinary resolution at a general meeting, decide to take out any insurance that it considers important to safe guard the interests of the lot owners. Some additional kinds of insurance available to owners corporations are:

  • Office bearers’ legal liability
  • Workers compensation
  • Fidelity guarantee (covers the owners corporation against loss incurred by the dishonest act of an employee of the owners corporation)
  • Machinery breakdown
  • Catastrophe insurance
  • Lot owners’ improvements to the building
  • Legal defence expenses.

The owners corporation should seek professional advice about the range of insurance products and the amount of insurance to cover its risks. For example, there may be significant financial and administrative savings if all single-storey buildings or lots are covered by the same insurer. Additional insurance should always be on the agenda and considered at the annual general meeting.

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