Insurance has been mentioned a few times in this thread, in the capacity of a fail safe should someone injure themselves on the common property and make a claim against the owners corporation.
Does anyone know if an insurance company could refuse cover if an owners corporation defeated a motion to undertake a risk assessment (whs report, whatever you wish to name it) of the common property at an AGM?
Does anyone have any information about what an insurance company asks for in the event that a claim is made against an owners corporation? Would they try to establish whether an owners corporation did everything in their power to mitigate risks?
Just concerned this could be problematic in the event that something does happen, and it comes to light that the owners corporation refused to undertake a safety audit. Likewise, if an Executive Committee undertook an audit that did not identify a risk that then caused an injury to someone? Worse case scenario, could the owners corporation then sue the Executive Committee if the owners corporation is not covered by insurance?
It seems like so much risk is associated with such comparatively little annual cost.
I’m interested to hear everyone’s thoughts and experience in regards to my queries above.