Treating Customers Fairly

Treating Customers Fairly (TCF) is an outcome-based regulatory and supervisory approach designed to ensure that fairness outcomes for financial services consumers are delivered by authorized financial services providers. All FSPs (Financial Services Providers) are required to incorporate 6 TCF outcomes into their business operations to their customers, namely: Customers are confident they are dealing with | Read More

Signing claim forms in the sectional title environment.

The Sectional Titles Act, Prescribed Rules and the FAIS Act needs to be considered when processing claim forms. While embracing new technologies, call centres, apps, etc. we need to consider all aspects to ensure that trustees, managing agents and owners deal with claims in a legally correct manner. Basically, insurance is a contract in which | Read More

Is your community scheme insured against strikes, riots and terrorism?

The Sectional Titles Schemes Management Act – and more specifically Regulation 3 – states that bodies corporate must insure against “riot, civil commotion, strikes, lock-outs, labour disturbances or malicious persons acting on behalf of or in connection with any political organisation.” Ordinarily, these risks are excluded from most policies globally, this includes standard South African | Read More

The importance of accurate insurance values and limits

By now, most managing agents and bodies corporate are aware that the new community scheme regulations have set minimum requirements for various types of insurance regarding the assets and finances of the community scheme. It is important to remember that even though the correct insurance with the appropriate limits of indemnity may be in place, | Read More

Sectional Title: Back to Basics

With sectional title insurance, the guiding legislation – Sectional Title Schemes Management Act and Community Scheme Ombud Services Act – determines what kind of insurance bodies corporate require. In this blog, we will discuss the community scheme insurance requirements from an owner’s perspective. As an owner, tenant or resident, it is important to understand what | Read More