One of the things I’ve come to appreciate over the years in sectional title insurance is just how different this space really is. On the surface, insurance can seem relatively straightforward. A scheme takes out cover, premiums are paid each month and, if something goes wrong, a claim is submitted. That’s often how many trustees […]
If you are the chairman of a body corporate, understanding your insurance responsibilities is essential. Not only is insurance a legal requirement in South Africa, but it also protects the financial stability of your entire scheme. Many trustees underestimate the importance of reviewing and managing their insurance cover — until something goes wrong. This […]
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. Ask your current broker or insurer […]
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 […]