@PeterC said:
We have $1,000,000 for ‘office bearer’s liability’ and $20,000,000 for ‘legal liability’ (IE 3rd party liability). I think those amounts are pretty standard though we are just over 100 units.
By chance this came up at our AGM a couple of days ago. Our managing agent noticed the $1,000,000 and said that for our large OC $10,000,000 might be more appropriate. The AGM resolved that the EC could adjust the insurance level up on advice from the insurer about usual practice. We have asked and have yet to hear back.