Quick answer
The exact requirements and policy wording should be checked against the scheme’s legal position, management rules, insurer schedule and current needs. This page is a practical insurance review guide, not legal advice.
1. Buildings and common property
The policy should be reviewed to confirm how buildings, sections, common property, shared facilities and permanent fixtures are treated.
2. Replacement value and valuations
Trustees should keep valuation records and review whether the sum insured appears aligned with replacement value, not only market value.
3. Liability and fidelity cover
Public liability, fidelity cover and trustee-related protections should be reviewed as part of the scheme’s risk profile.
4. Excesses and claims conditions
Excesses should be clear before claims occur, especially for geysers, water damage, storms and common property incidents.
5. Renewal records
Trustees should keep records of renewal quotes, broker recommendations, valuation documents, claims history and decisions made.