OCV Management has several prominent Insurance brokers who provide all clients with the most cost effective insurance premiums and adequate policies in order to cover the risk factor of any development.
Insurances that an Owners Corporation must take out in respect of common property are:
Public Liability Insurance
To include cover for any bodily injury or death or illness of a person and any damage or loss to property sustained as a result of an occurrence on the common property.
Our Insurers recommend public liability cover for all buildings should be at least $20 Million
Full Reinstatement and Replacement Insurance
For accidental damage to Owners Corporation property, including the fabric of the building and internal structures.
Current legislative requirements for an Owners Corporation portfolio requires total involvement in relation to the preparation and subsequent implementation of the Owners Corporation insurance policies.
In assessing the insurance policy, we look at the following categories:-
- Building Cover
- Office Bearers Liability
- Public Liability
- Temporary Accommodation
- Fidelity Guarantee
- Common Area Contents.
- Machinery Breakdown