Commercial Property Fire Insurance

[anoynomous1875]

For a shopping center in Singapore, it is regarded as a commerical property, and there is usually a management committee in charge. is the management committee supposed to buy fire insurance for all the units or must the individual unit-holders buy it themselves?

I have extensively searched the internet, but most of the info pertains to residential fire insurance; there are a lot of insurers providing commercial property fire insurance, but very little info that is related to if the management committee must/needs to purchase fire insurance.

 

[IFAadvisor]

For a shopping center in Singapore, it is regarded as a commerical property, and there is usually a management committee in charge. is the management committee supposed to buy fire insurance for all the units or must the individual unit-holders buy it themselves?

I have extensively searched the internet, but most of the info pertains to residential fire insurance; there are a lot of insurers providing commercial property fire insurance, but very little info that is related to if the management committee must/needs to purchase fire insurance.

You will need to check your tenancy agreement for such information. What I came across is that the owner has to take care of 3 million in event of third party liability in the mall.

You may want to engage a lawyer to vet through your tenancy agreement.

 

[sogoofy1203]

I am not sure whether the management committee or individual unit-holders need to buy fire insurance in your scenario. But being a committee member of my organization, I recommended my team to buy fire insurance to protect business operations, valuable assets and people within the organization.