Insurance cover in sectional title schemes is not an option – it is a requirement by the Sectional Title Act. Section 37 of the Act stipulates that the duties of the trustees is to insure the buildings and other such risks as may be prescribed. The Rule also stipulates that insurance must cover the full replacement of all units.
Assurant’s Absolute STC product has been well prepared to provide a comprehensive product that includes relevant extensions over and above the fire section. This gives peace of mind to the Trustees, the Managing Agent and also the owner of a unit in a sectional title complex.