Public Liability Insurance is also known as "Third Party Risk Insurance". This insurance provides indemnity for compensation and associated legal costs against the insured, as a result of bodily injury to or the death of a third party caused by the insured's (and his employees') negligence in managing the building.
For their own interest, owners and Management Board are advised to procure such insurance so as to avoid individual accountability for colossal amount of compensation arising from negligence in managing their building.
Employees' compensation insurance is also known as "Worker's compensation insurance"). If staff is involved in building management work, their employer (i.e. Management Board, Property Manager) is required to take out such an insurance policy to provide compensation for those injured or killed out of and in the course of their employment.
Property all risks insurance is also known as "Property insurance". When there is any loss or damage to the common properties of the building due to fire or other risks covered by the terms of the policy, the insured can seek the insurance company for indemnity. Such risks may include: Fire, explosion, malicious acts, typhoons, floods, fire, etc.Insurance types Points to note