Building Management (Third Party Risks Insurance) Regulation
The statutory provisions relating to the mandatory requirement for owners' corporations (OCs) to procure third party risks insurance take effect on 1 January 2011.
According to the amended section 28 of the Building Management Ordinance (Cap.344), all OCs shall procure and keep in force in relation to the common parts of the building and the property of the OC a policy of third party risks insurance. The minimum insured amount of each policy shall be $10 million per event.