Average Waiver On Sectional Title Insurance Cover
*External News* "CIA Average Waiver Benefit
"One of the important changes to the Sectional Title Schemes Management Act gazetted in October 2016 is the requirement for all Schemes to obtain a replacement valuation of all insured buildings and improvements at least every three years.
This change places an ongoing and onerous duty on the Trustees to ensure that such a valuation is undertaken correctly and that the body corporate’s building sums insured are updated accordingly.
Looking back at the catastrophes of the past few years one of the key insights is the prevalence of underinsurance across the residential market and the devastating effect this can have at claims stage.
Furthermore, as seen in a previous FAIS Ombudsman ruling, a broker can be held liable to pay the insured’s average contribution where incorrect advice has been provided.
While we can’t prevent another Knysna disaster or catastrophic storms, we can assist in mitigating the risk of underinsurance for both broker and body corporate.
As the specialists in building insurance and with our passion for helping you keep the roof over your head we have put together an easy, hassle free and low-cost solution enabling residential body corporate’s to fully comply with their requirements in terms of the Act, and brokers to have peace of mind that correct advice has been provided.
We have partnered with one of SA’s leading professional valuation companies, Mirfin, who specialise in body corporate valuations, to offer an Average Waiver Extension on our Community Living Policy which will include a free Mirfin valuation report."
We are a proud CIA Accredited Intermediary, call us today 011 662 1742.