Insurance

Damage Policy (S69)

A contract of insurance providing in the event of the subdivided building for:

  • Destroyed or damaged by fire, lightning, explosion or any other occurrence
  • Rebuilding/replacement of the subdivided building
  • Repair/restoration of the damaged portion
  • Expense incurred on removal of debris and remuneration of architects and any other person


Workmen’s Compensation Policy (S 71 (1a))

Covers workers employed by the Management Corporation e.g. gardener, cleaners and tradesmen



Public Liability Policy (S 71 (1b))

Covers against damage to property, death or body injury occurred on common property



Subsidiary Proprietor Insurance (S 71 (1c))

Covers against possibility of subsidiary proprietor becoming jointly liable by means of a claim arising in respect of any other occurrence against which the Management Corporation pursuant to a Special Resolution, decides to insure



Errors and Ommission Insurance (S 71 (7))

Where an insurer of a Management corporation admits a claim by the Management Corporation based on an act or omission by a Subsidiary Proprietor who is a member of the Management Corporation, the insurer shall not have a right of subrogation in relation to the Subsidiary Proprietor based on that act or omission unless it was proved that the act or omission is willful.



Updated January 2006