Office Bearers Liability… Who Needs It?<< Back to Blog
When obtaining or approving a strata policy within your Body Corporate you will be asked many questions one of which is the whether you want “Office Bearers Liability” -or OBL. Now there aren’t too many average unit owners who know what OBL is but its probably one of the most important parts of the policy for any committee member. Being a committee member or office bearer is voluntary within the Body Corporate and as part of the committee you are making some very important decisions on behalf of other owners.
Some of these decisions can impact greatly on unit owners if they go wrong in some way. When an incorrect decision causes damage or loss of income then understandably those unit owners affected want compensation. It is in these situations that Office Bearers Liability comes to fruition. The other unit owners can sue the committee under the OBL and everyone is happy. The Committee are not out of pocket and neither are the affected unit owners.
For an extra $70 – $100 per year its the most worthwhile part of a strata policy and no complex should be without it and all committee members should insist on it. So check your policy today and make sure that your committee are covered fully for the decisions they make on a day to day basis on behalf of all owners.