Office Bearers Liability Insurance
Office Bearers Liability insurance protects the Chair, Treasurer, Secretary and other committee members of a Body Corporate for the decisions they make on behalf of all owners of the body corporate.
This coverage is typically found in a Strata Title insurance policy as one of the sections of coverage. Sometimes, if there is difficulty in obtaining a Strata Title policy, there is a necessity to obtain a separate standalone Office Bearers Liability insurance policy.
Office Bearers Liability policies offer financial protection to the executive committee members against allegations of wrongful acts, errors or omissions that may occur while fulfilling Office Bearer's duties. Optional policy benefits can include advance payment of legal defence costs to cover legal fees and any other charges and expenses within the limit of the sum insured.
Invariably, the position of being on a body corporate is an unpaid one and often a thankless task. It makes good sense to ensure that you do have appropriate coverage to protect you for if you make a decision, which in hindsight, is deemed a wrongful one by some of the other owners of your complex. Furthermore, on occasions, where you are held to have made the correct decision, it also makes sense to ensure that your legal cost outgoings are not at your cost, but rather the cost of the insurer.
We can assist your committee in obtaining either a Strata Owner Corporation policy including Office Bearers, or, where you may have either a very large Body Corporate building value which has made it difficult to obtain a standard market offering, or have found yourself in a situation where you are unable to obtain Strata cover, we can source a separate Office Bearers insurance policy for you.
For a no-obligation quote for your Office Bearers insurance, please contact us today on (07) 3139 3900 or complete our online insurance form.