Unpacking replacement cost valuation figures

In line with sectional title prescribed rules, the replacement cost valuation needs to be undertaken at least every three years. Usually, this involves updating the policy as soon as possible thereafter, either adjusting the buildings sum insured upwards or downwards. In a previous blog, we explained inflation and touched on the way a policy is | Read More

Legal expenses in community schemes

In October 2016, new legislation governing community scheme property came into force, followed by an increase in statutory responsibility and accountability of property owners, trustees and managing agents. More so than ever before, laws and regulations have been put in place to hold all those to account who may potentially misuse and misappropriate the community | Read More

How to deal with multiple community scheme insurance claims simultaneously.

There are a number of insured perils or risks that cause damage to multiple sections of a community scheme simultaneously when they occur. These perils most commonly comprise storm, wind, rain and water. With this in mind, it is important to understand some of the foundational principles of insurance – and in particular, community scheme | Read More

How to efficiently resolve building damage claims

Insurers typically assess insurance claims for damage to buildings based on information provided in the claim form and other supporting documentation. If this information is unclear, vague or ambiguous, questions may arise which could delay the process. Here are some tips and guidelines to assist with prompt and efficient claims processing and to avoid delays: | Read More

Email spoofing and the value of fidelity guarantee insurance

In terms of the current Community Schemes Ombud Service (CSOS) Act all community schemes are required to have sufficient fidelity guarantee insurance, including protection against incidents of cyber crime. While many of us take great care and precaution when processing online financial transactions, how many of us exercise similar care in the processing of our | Read More