MCST Insurance Package
Here is the list of common MCST insurance package products
MCST Insurance Package
An MCST insurance package refers to the insurance coverage purchased by a Management Corporation Strata Title (MCST), which is typically found in condominium or strata-titled properties. The MCST is responsible for managing and maintaining the common areas of the property (like corridors, lifts, pools, etc.).
(MCST) insurance covers the structure and common areas of a building, but not individual apartments or personal belongings. The MCST is responsible for insuring the property and managing the common areas.
The MCST insurance package typically includes:
- Building Insurance:
Covers the common property and the structure of the building itself, protecting against damages from events like fire, storms, or vandalism. - Public Liability Insurance:
Protects the MCST from legal claims for accidents or injuries that may occur in common areas. - Fidelity Guarantee Insurance:
Covers any loss of funds from fraud or dishonesty by the property management or staff handling finances. - Work Injury Compensation Insurance:
Covers staff who work in the common areas in case they are injured while working.
Individual unit owners may still need to get their own insurance to protect their personal property and contents within their own units.
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