Residential Guidebook Residential Guidebook 2014 (Subscribers) | Page 36

SECTIONAL TITLE Valuable advice Sectional Title insurance is vital I ns u r a nc e i n s e c t ion a l t it le s c he me s i s sometimes discussed at length and debated as to whether the amounts insured are necessary and, sometimes, even whether insurance of the actual scheme is necessary. Firstly, insurance is of vital importance and proper insurance of the scheme must be taken care of by the body corporate of the scheme. Section 37 of the Sectional Titles Act sets out the functions of the body corporate and part of this pertains to the insu