The link you provided appears to refer to requirement for Bldg Commissioners to be buy cover for public liability indemnity .
Back to your question, imagine this scenerio.
Condo A is a project that consists of a bldg of 10 storeys with 3 units per floor.
The project also comprises of common areas and facilities which are owned in common by all parcel owners like swimming pool, club house, car park,etc.
Say for example, owner of 2 units (out of the 30 parcel owners) - one on level 3 another on level 7 did not buy insurance for their units.
A fire breaks out and burn down the whole bldg block plus some parts of the club house.
Insurance claims from the balance of the units (28 # ) will not be sufficient to rebuild the whole bldg..unlike a landed property, units cannot be stacked on top of level 3 and 7 which are not rebuilt. Also, since owners only cover for their own parcels, the common areas/facilities are not covered.
Yes...it is mandatory for management coperation to insure the whole project under a master insurance cover and parcel owners are legally bound to pay their share of the insurance accordingly. Owners do not have the perogative to choose not to pay nor opt not to insure.
If you don't buy life insurance, it doesn't afftect other parties. But if you don't buy insurance for your parcel, the whole project will face difficulties in rebuilding due to your action/non action.
If owners are not happy with managing agent, they can influence the council members who appoint the managing agent to change the managing agent,
If owners are not happy with council members, then they should take responsibility to elect council members who they feel can act best in the interest of owners
Wah.. really a good/excellent answer.. I’m satisfied.
I will now go and pay for the outstanding of my building management fire insurance – it has been pending for 3 years, hehehehe...
You have opened my eye and point me to correct direction.
But 1 more thing, what can I do/should do for the fire insurance that earlier came together with the bank loan?