Commentary

106 Commonhold community statement Part 4: insurance

COMMONHOLD vol 8(1)
| Commentary

106 Commonhold community statement Part 4: insurance

| Commentary

106 Commonhold community statement Part 4: insurance

The commonhold association must insure the common parts against fire, in their full reinstatement value. The insurance must be against loss or damage by fire and whatever other risks are specified1. The insurance policy must be available for inspection by unit-holders, who are entitled to a copy on paying a reasonable charge2. There has been a suggestion that the prescribed clauses pertaining to the insurance requirements in the commonhold community statement do not go far enough. Most mortgage lenders will require minimum risks cover, which the prescribed clauses may now no longer satisfy3.

The

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