Topic: Unlimited liability of Owners’ Corporations – FLAT CHAT

This topic has 4 replies, 3 voices, and was last updated 12 years, 8 months ago by .

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07/01/2014 at 3:42 pm #9292 Reply | Quote
daphne diaphanous
Flatchatter
We live in a small to medium sized complex, where various tradespeople are frequently employed on common property & paid, mostly without the relevant paperwork. Earlier today, while reading the Short Term Lets topic, I noted Stumped’s posting of 4/1/14 refers to the unlimited liability of OCs as follows:

“As a member of an Owners Corporation (NSW), you must (legislation) insure your Building. You also need to know that you have unlimited liability, so in the event where your Insurance Company doesn’t pay a major claim, every single one of you can lose everything you own/possess/have tucked in bank a/c’s and super funds.”

Knowing that unlimited liability arises from risky actions negating the relevant insurance coverage, I have not been able to convince anyone in the complex against paperless repairs. I find it very difficult to watch the roof plumber work without a harness.

If I could print out a similar, resolved case & distribute it among the owners, it would probably aid in stopping this practice. Could one of you knowledgeable people help please?
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Reply To: Reply #20568 in Unlimited liability of Owners’ Corporations

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