Services for community managers and owners’ associations
A jointly owned property should carry comprehensive insurance to an amount equal to the full replacement cost of the whole building. This provides financial protection in the event of a building being partially or totally destroyed. The insured amount should be ascertained through an independent reinstatement cost assessment. This assessment is recommended to be carried out every three years, as a minimum, to ensure the sum is reflective of current construction costs and to avoid the building becoming underinsured.
31 Oct 2017 06:08:20