A Management Entity is legally required to maintain an insurance policy that covers the maintenance and reconstruction of the jointly owned property in cases of fire or destruction. They must also insure the property against liability for damage and…
A Management Entity is legally required to maintain an insurance policy that covers the maintenance and reconstruction of the jointly owned property in cases of fire or destruction. They must also insure the property against liability for damage and bodily injuries sustained by occupants or visitors. The insurance premiums are calculated based on the contracts with insurance companies and are included as part of the annual Service Charges paid by the owners. This ensures the community is financially protected against major disasters or legal claims.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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