Managing a body corporate’s finances requires a high duty of trust. The risk of the mismanagement of funds needs to be mitigated against. Fidelity insurance covers the body corporate against any fraud or dishonesty committed by a trustee, managing agent, employee or other agent of the body corporate.

There is a myth in the sectional title realm that the body corporate insurance covers everything. This article will set out the facts on all things sectional title insurance and risk coverage. More specifically, this article will deal with the most important insurance responsibilities that need to be undertaken to ensure that your scheme is compliant with the legislative requirements.