Did you know that as the President or he Committee of a Community of Owners, you are personally responsible and liable for any and all actions whilst discharging your duties as committee members.

In simple terms you must respond with your personal wealth for any errors or omissions committed by you or the committee members which causes financial or personal loss/injury to a third party, and for which the third party holds you responsible for.

In the past several year, my committee and I have certainly made several mistakes that would have made us liable. These decisions were of course, thought through and had we known better we would have never done it, but they were done and carried out with the best of intentions and for the benefit of the community.

Since then, I have decided to take out an insurance to cover for such cases. It took some searching, but I have now finally found an Insurance provider Op de Beek & Worth, who provide a comprehensive coverage for this case. At a basic annual rate of €500 odd euros, I could not think of a better way to protect myself and my committee against any possible issues. After all we are doing all this for the benefit of the community and the last thing we want is to lose our own wealth and money because of someone else’s decision or job that I don’t even get paid for.

For more information you can visit their website on: http://www.opdebeeck-worth.com/community-insurance/responsibilities-committee . The coverage is for 300,000 upwards to 1,500,000.

I will hope to invite them to one of our meetings to present us with some further information.