Community scheme insurance typically includes several key components designed to provide comprehensive cover for all aspects of the property. These components may include:

1. Property Insurance: This covers damage to the physical structure of buildings within the community scheme, including common areas and any improvements made to the property. It ensures that the costs of repairs or rebuilding are covered in the event of damage due to fire, storms, or other insured perils. Rubble removal, professional fees and alternative accommodation are also included in the insurance cover scope.

2. Public Liability Insurance: This provides cover for claims arising from injuries or damages that occur on the common property. For example, if a visitor slips and falls in a communal garden or a child is injured while playing in the community scheme’s playground, the liability insurance would cover legal fees and any potential settlements.

3. Fidelity Guarantee Insurance: This protects the community scheme against financial loss due to theft or fraud by employees or management. Given the significant funds often handled by bodies corporate and HOAs, this type of insurance is essential for safeguarding the financial interests of all members.

4. Directors and Officers (D&O) Insurance: This covers the personal liability of board members and officers for decisions they make while managing the community scheme. It provides protection against claims alleging mismanagement, breach of duty, or wrongful acts, ensuring that the individuals serving on the board are not personally liable for their actions.

5. Machinery Breakdown Insurance: For community schemes with shared amenities like elevators, air conditioning systems, or generators, machinery breakdown insurance covers the cost of repairs or replacements in the event of mechanical failure or insured peril.