WHY DOES MY EXISTING POLICY NOT COVER THIS, BUT OHSI DOES?
Under Occupational Health and Safety Insurance (OHSI) cover the property owner will be covered for potential risk exposures from 3 potential sources. This wrap around policy is the only cover that provides this.
Comparison of existing property owner’s liability covers and OHSI covers;
|COVER||INCLUDED IN EXISTING PROPERTY OWNERS LIABILITY COVERS:||INCLUDED IN OHSI COVERS:||COMMENTS|
|Property Owners Liability Covers||YES||YES||Existing covers will cover property owners only when they as property owner appoint a compliant contractor, provided that the property is compliant e.g. painting the property.|
|Property Managers / Body Corporate Trustees /Property Owners Liability Covers||NO||YES||OHSI covers Property Managers and Body Corporate Trustees in a compliant property where they appoint compliant contractors on behalf of owners e.g. security maintenance. With OHSI there are no gaps in the covers as both the owner and the management are insured. This is for any third party claim. The owner is not covered under the existing policies where they had no direct involvement in the appointment of the contractor.|
|Professional Indemnity covers for Owners, Property Managers and Body Corporate Trustees||NO||YES||Owners, Managers and Body Corporate Trustees are covered in a compliant property if a tenant or owner appoints a contractor without their knowledge or consent e.g. fitting an air-con in a unit. In terms of legislation Owners must know if any contractors are working at the property. This is often impossible. They can all be held liable for professional negligence in the event of an injury to the contractor. This is not covered under the existing policies.|
|Directors and Officers Liability covers for Owners, Property Managers and Body Corporate Trustees||NO||YES||Directors and Officers of either the property or the management company and Body Corporate Trustees are obliged to provide all compliant contractors with the relevant documents and the safety file in terms of the Building Regulations. They often do not know that the contractors are at the property and so do not comply e.g. fixing a light bulb. Directors can be held liable in the event of an injury to the contractor as a result. There is no cover for this under existing policies..|