BODY CORPORATE/SECTIONAL TITLE INSURANCE
In terms of the Sectional Titles Act (Section 37 of the act sets our functions of the Body Corporate). Some of these relate to Insurance aspects such as : All buildings, fixtures and fittings, outbuildings, walls, gates posts and fences and common property must be insured.
In terms of the Act, there is a provision for Management and Rules which provides for the control, management and administration or the Body Corporate. Usually a Chairman and Trustees are appointed for this function.
It is their duty to ensure that the buildings and common property areas are properly insured for Replacement value under an appropriate Body Corporate policy wording which is specific ally designed for Sectional title owned properties whether it is occupied as a residential property with separate units or a block of flats or a Business premises occupied as offices or factory warehouses.