JMB/MC has a important responsibility to ensure the whole condominium is adequately insured with a comprehensive Condo Insurance Plan.

• When was the last review of your condominium fire insurance sum insured?
• Is the sum insured adequate with the ever increasing material cost?
• Who will be responsible if the owner is not compensated fully due to under-insurance?
• Did you extend the subsidence & landslip coverage? Condo landslip claims rejected

A comprehensive condo insurance plan is a very important whether managed by Joint Management Body (JMB) or Management Corporation (MC).

Condo Insurance Benefits include:

• Comprehensive Coverage
  • Fire
  • Burglary
  • Money
  • All Risks
  • Fidelity Guarantee
  • Machinery Breakdown
  • Plate Glass
  • Personal Accident (for committee members)
  • Public Liability
  • Errors & Omissions

• No Claim Discount (NCD) Upon Renewal – up to 20%
• Renewal Bonus Upon Renewal – up to 30%
  

• Value Added Benefits
  • Emergency Relief Benefit
  • Full Theft Extension
  • Snatch Theft Extension
  • Loss of rental in the event of fire
  • Building valuation by reputable Property Valuer

Under the Strata Management Act 2013, you are required to insure at least the Reinstatement Value of the building based on the last valuation obtained. The Reinstatement Value shall be obtained from a registered valuer at least once every five years.