The Management Entity is legally required to insure the Jointly Owned Real Property. This policy must cover the maintenance and reconstruction of the building in the event of fire, damage, or destruction. Furthermore, the entity must provide insuran…
The Management Entity is legally required to insure the Jointly Owned Real Property. This policy must cover the maintenance and reconstruction of the building in the event of fire, damage, or destruction. Furthermore, the entity must provide insurance against liability for bodily injuries sustained by occupants or third parties. The insurance premiums are calculated based on the contracts with insurance firms and are included as part of the annual Service Charges paid by unit owners.
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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