Cover for body corporates and community schemes goes beyond simply insuring the building. Being legally compliant is extremely important given the usual larger size and values of the buildings. Trustees have the additional responsibility in ensuring they are well protected against claims for injuries and damages caused on the property.
Body corporate/sectional title insurance applies to all community schemes, including sectional title schemes, share block companies, homeowners and property owners associations, retirement villages and housing cooperatives.
``Winsure are on top of their game. What a pleasure dealing with a broker that gives a damn, gets back to you, and is proactive. We recently moved our Body Corporate insurance to them. WOW!`` - Cindy Cericola
Covers your community scheme against loss or damage due to theft, vandalism, flood, fire and other perils.
As trustees can be held jointly and severally liable in their personal capacity for loss of assets of a fund, it is imperative that trustees are covered for errors and omissions, theft and fraud.
Covers your community scheme against claims for injury or damage caused on your property.
Community schemes will need liability cover for any employees employed by the scheme. This cover protects the scheme from financial loss if an employee has a job related illness or injury.
Covers your community scheme against loss of money due to fraud or dishonesty. This is compulsory cover under which body corporates and all community schemes fall.
The geyser has become one of the biggest challenges for managing agents and trustees. It is estimated that 70% of all claims are geyser related. Geyser insurance policies are structured in different ways in an attempt to manage this high-risk area.
While the trustees of community schemes are the decision makers, they are heavily reliant on their managing agents and insurance brokers for advice. As an independent insurance broker, Winsure believes in partnering with our clients to offer independent advice to guide and protect the community schemes. We encourage trustees to invite us to Trustee meetings and AGM’s – we want to be a trusted advisor to your family.
Winsure prides itself in having sound knowledge of the Sectional Title Act and assists in ensuring community schemes are compliant and properly covered by bridging any gaps and shortfalls that insurance can cover. The responsibility of insurance goes beyond simply insuring a building and needs to cover items such as common areas, retaining walls, business activity within a section, slip and fall on common property, etc.
Our capable and experienced team is geared towards ensuring a seamless claims process on all claims. Transparency is key when handling any claim – we work closely with owners, tenants, trustees, managing agents and insurers to ensure a smooth process when handling claims and pride ourselves on a quick turn-around in finalising claims with an optimal outcome.
Winsure is affiliated with multiple insurance agencies enabling us to offer competitive premiums whilst ensuring suitable cover. Winsure manages key relationships with Insurers giving it the leverage to negotiate premium rates and comprehensive cover.
The latest Ombudsman for Short Term Insurance (OSTI) Annual Report makes interesting reading from a consumer perspective, especially the insights it provides on the most common reasons for claims being rejected. The report confirms that motor, home and household policies remain the Achilles heel of the South African insurance industry from a customer perspective. These are the […]
For a newly appointed trustee of a body corporate, it can often feel like walking into a work of utter confusion and over reaching responsibility. Here are a few tips to help you get settled into your role and help you understand how your body corporate is doing when it comes to insurance. First Tip: Claims History Ask your […]
What is a claims ratio (often referred to as a loss ratio) when it comes to your Body Corporate policy? It is extremely important for a Managing Agent & the Trustees to be able to interpret this, especially when it comes time for your policy to renew and if you are re-quoting. The claims ratio […]