What is Fidelity insurance?
Fidelity Insurance, for a Sectional Title Body Corporate and Home Owners Associations, covers the Body Corporate for loss of funds.
Why is it required?
The new Sectional Title Schemes Management Act (Act 8 of 2011) and the Community Schemes Management Act (CSOS Act) (Act 9 of 2011) both require all Bodies Corporate and Home Owners Associations to have Fidelity Insurance cover.
How much Fidelity Insurance is required?
The minimum cover is the amount of the scheme’s funds (bank accounts) at the end of the last financial year plus 50% of the operational budget for the current year.
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