This document from the Housing agency aims to offer practical guidance concerning insurance matters for multi-unit developments (MUDs), such as apartments. It is tailored with a focus on consumers and end-users, particularly owners’ management companies (OMCs) and OMC directors. Additionally, licensed property management agents and individual property owners within MUDs may also find this material beneficial.
The guidance encompasses various aspects, including relevant insurance policies for MUDs, the parties involved, and their respective obligations. A comprehensive glossary of insurance terms is incorporated to enhance understanding.
It is crucial to note that the content is governed by legal provisions applicable to MUDs, OMCs, licensed property management agents, and insurance contracts. Key legislations include, but are not limited to, the Multi-Unit Developments Act 2011, the Property Services (Regulation) Act 2011, and the Companies Act 2014. In the case of any conflict between the guidance provided and existing legislation, the legislation takes precedence.
This guide is dynamic and may undergo changes periodically to align with evolving regulations and industry practices.