Office bearers insurance

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  • This topic has 10 replies, 4 voices, and was last updated 10 years ago by .
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  • 19/08/2016 at 10:05 pm #10593 Reply | Quote
    Susanp
    Flatchatter

      SmileHi, I have just moved into my unit, I live in NSW. When I attended my first Agm I noticed that we did not have any office bearers insurance selected on our insurance.

      When I asked our SM about this he said no OB insurance was needed  as the EC do not vote or make decisions on anything that was financial.

      Now at this meeting we voted to have new carpet put down in all our stairwells and the only owners present at the meeting were owners who were on the EC. No other owners came.

      Isnt this a financial decision that was made by the EC and if so, if anything went wrong, could the EC be leaving themselves potentially exposed.  

      What does the new legislation say about this and is this optional? This is the first group of strata units that I have lived in that do not have office bearers insurance. Is there cause for concern. I am worried that this decision is not being cautious enough?

      Thanks

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    Reply To: Reply #25319 in Office bearers insurance
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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