All you want to know about... OFFICE BEARER'S LIABILITY & BODY CORPORATE REIMBURSEMENT INSURANCE

OFFICE BEARER'S LIABILITY & BODY CORPORATE REIMBURSEMENT INSURANCE

 

FOR COUNCIL MEMBERS OF MANAGEMENT CORPORATION and JOINT MANAGEMENT COMMITTEE of JOINT MANAGEMENT BOARD / BODY

WHAT IS IT ABOUT?
The Strata Title Act 1985 and the Building and Common Property (Maintenance and Management) Act 2007 came into effect to provide relief and solution to grief and complaints of owner of strata title property (such as apartments & condominiums).

Today the owners' of the strata title property has an opportunity to manage their own property together with the developer. But this also exposes them to the risk of being held responsible for third party losses and liability claims.

With Zurich's Office Bearer's Liability & Body Corporate Reimbursement Insurance, the council members of the Management Corporation and the Joint Management Committee of the Joint Management Board / Body, who are volunteers for a good cause, will have a comprehensive cover against his / her legal liability for third party's losses and/or for defence costs and/or legal representation expenses arising from a Claim for Wrongful Act which could fall in 2 categories as follows:-

  1. any act or omission including error, misstatement, misleading statement, neglect or breach of duty of trust or warranty of authority, committed or allegedly committed by the Insured Person, individual or otherwise, in his / her capacity as an office bearers of the Council / Joint Managment Committee; or
  2. any matter claimed against the Insured Person solely by reason of his / her capacity as an office bearer of the Council / Joint Management Committee.

If your management wish to take up the Office Bearer's Liability & Body Corporate Reimbursement Insurance cover together with your management property's Fire and related insurance covers, please contact:- 

Koo Agency

No. 9, Jalan Industri USJ 1/12, Taman Perindustrian USJ 1, 47620 Subang Jaya

Contact No.: 012-6597262 (Koo) Email: kooagency@yahoo.com 

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