2. Should the OC procure another policy of third party risks insurance if the property management company has already procured one for the building?
The OC has a legal obligation to procure a policy of third party risks insurance. Therefore, the OC must be at least one of the insured parties of the policy. The OC may request that the property management company and the insurance company add the OC as one of the insured parties of the existing policy or take out another policy in the name of the OC.
If the policy is procured in the joint names of the OC and the property management company, the policy must satisfy the legal requirement by providing not less than HK$10 million insurance cover for third party bodily injury or death claims.