Jerneh Insurance unveils protection scheme for management corporations

 23/05/2006 www.theedgedaily.com

Jerneh Insurance Bhd has unveiled a new protection scheme specially designed for management corporations and council members of strata-titled commercial and residential buildings.

In a statement yesterday, it said the product called Management Corporation Strata Title (MCST) was designed to protect management corporations and council members from claims arising out of negligence in managing common area of subdivided buildings due to non-compliance of statutory duties brought against them by tenants and owners of strata-titled properties.

Its general manager, Michael Heng said many management corporations and council members of strata-titled commercial and residential buildings were unaware they could be held liable for accidents, theft, and other negligent acts.

He said Jerneh’s MCST scheme would protect strata-titled management corporations from such claims, which are under Section 39 (3) of the Management Corporation of Strata Titles Act 318.