The Insurance Broker: The important role of an insurance broker of a scheme (Part 11 of newsletter)
In our last newsletter we looked at the role of the insurance valuer. In this newsletter, Part 11,we will look at the very important role of the insurance broker of a scheme.
The insurance broker plays the critical role of assisting the trustees to ensure that the scheme property is correctly and adequately insured as set out in the Sectional Title and Sectional Title Schemes Management Acts.
Just as importantly, the experienced sectional title broker will be able to advise on the unique requirements of each scheme and present suitable insurance options that meet the specific needs of that scheme.
For example, the type of power-surge cover required by a large high-rise scheme with multiple lifts is quite different to that required by a small duplex scheme where the electric fence is the biggest electronic device.
Furthermore, having an experienced broker on call can assist greatly during at claims stage to guide unit owners through the claims process to ensure the most efficient and fair outcome.
This concludes our series - Role Players in Sectional Title series. in the next newsletter we will look at Tenants in a scheme.
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