WHAT DOES STANDARD CONSTRUCTION MEAN?
The building can be constructed of brick, stone, concrete or metal on a metal framework.
The roof can be covered with slate, tiles, concrete, asbestos or metal. We refer
to these types of building materials
as standard construction.
If the building or roof is constructed with any other type of building material, you must inform us.
The building also includes outbuildings and anything else that is permanently built, constructed or installed on your property that you own or are legally responsible for.
WHAT MUST BE INCLUDED IN THE TOTAL RECONSTRUCTION COST OF A BUILDING?
The Reconstruction Cost of a building must include the following:
- Cost of new material to rebuild the building
- Architect-, engineering- and municipal fees
- Demolition cost
- Removal of debris
- Securing of the building site
- Compliance with national, local building or other regulations
REMEMBER that a Replacement Cost Valuation must be done every 3 years for a Body Corporate.
WHAT IS COMMON PROPERTY?
It is the part of the property which does not form part of a section and is described on the Sectional Plan. The owners share in the Common Property by means of their participation quota. This can include:
- Swimming Pool Areas
- Tennis Courts
WHAT CAN BE COVERED AS ALL RISK ITEMS?
These items can be used or taken anywhere in the world BUT must be specifically declared. You will pay an additional premium for the specified items.
You must ensure that these specified items are insured for their replacement value. Please verify your policy schedule to ensure that these items are listed at the correct value.
Personal property of owners or tenants are not included!
WHAT IS NOT COVERED AS A BUILDING?
We refer to these as exclusions in your insurance policy. Exclusions include, but are not limited to:
- Above-ground portable swimming pools.
- Mobile air-conditioning units.
- Unfixed/movable floor coverings, curtains and window coverings inside a unit.
- Illegal connections and/or renovations not approved by the Trustees/Directors.
- Property not complying with National Building Regulations.
You must arrange your own short-term personal insurance cover for your own possessions inside the unit/house.
WHAT IS OFFICE CONTENT DEFINED AS?
Property that belongs to the Body Corporate or the Company and for which they are responsible. Office Contents include, but are not limited to:
- Computers and electronic equipment
- Tools, gardening, cleaning and maintenance equipment
- Office furniture and fittings
- Gym equipment and swimming pool accessories
You must ensure that all the items are insured for the Replacement Values and that the correct value is declared to your broker.
WHO IS AN EMPLOYEE OF A BODY CORPORATE OR COMPANY?
Any person employed by means of a written contract of service or apprenticeship. The following persons are excluded:
- Employees of unit owners
- Appointed contractors and sub-contractors
- Managing agents and/or their employees
WHAT CAN BE INSURED AS EXTERIOR FIXTURES AND FITTINGS?
Any item that is permanently attached to or installed on the exterior or outside of a building. Exterior Fixtures and Fittings include, but are not limited to:
- External pipes
- Mounted air conditioners
- Gate motors
NOTE: These items will increase the Sum insured of your building/unit.
Please ensure that the Replacement Value of your building/unit is updated.