MCSTGuru was pleased to host the second seminar in the “Best Practices in Condominium Management” series on Friday 11 May from 6:30 – 8:30pm. The four panelists, Lim Tong Chuan, Jonathan Lim, Mohamed Nazem Suki, and Rex Yeap, each offered useful tips and perspectives on issues related to managing safety and risk for MCSTs. The audience, which comprised primarily of MCST council members and other stakeholders in the MCST eco-system, participated actively with their practical questions.
Following an opening from MCSTGuru, Rex Yeap provided an overview of how his condo manages safety and insurance issues. His overview included examples of how condos handle claims, including a case of a shattered glass door. He also outlined the several types of insurance that his condo buys each year. The next speaker, Mohamed Nazem Suki, provided anecdotes about effective safety and security management at MCSTs. This included specific suggestions for MCSTs to conduct regular safety assessments at the property as well as effective due diligence with vendors they engage. He also shared memorable anecdotes about differences in safety behaviour of people from different countries.
Lim Tong Chuan clearly outlined the obligations of MCSTs to have insurance as defined in the BMSMA. He pointed out that definitions of “common property” and other terms in the Act that sometimes lead to litigation. Jonathan Lim provided insights about risk management and what insurance coverage an MCST typically needs. He explained conventions in the insurance industry including how insurance companies handle cases of claims for properties that are under insured. He also identified sources of more information about the topic.
According to Noi Rahman, content manager at MCSTGuru, “we all have a common interest in the BMSMA being well understood by stakeholders and councils that execute efficiently and effectively. The mission of MCSTGuru is to support effective decision making at councils and smoothly functioning processes.”
Belinda Chew, marketing manager at MCSTGuru, shared that MCSTGuru plans to continue the Best Practices in Condominium Management series with the intent of encouraging more active information sharing between council members and more awareness of issues and solutions to common challenges that council members face. If people are interested in more information about these events, they can register at the MCSTGuru.com website to receive regular updates.
Brief bios of the four panelists
Jonathan Lim, consultant, Insurance Industry Practitioner at LEGACY by PFP Pte Ltd., has been a practitioner in the insurance industry for more than 10 years and has assisted many property owners, both commercial and private, with their insurance needs. Jonathan is currently a general insurance practitioner, an estate planning practitioner and a financial planner.
Lim Tong Chuan, partner and head of Litigation and Dispute Resolution practice at Aquinas Law Alliance LLP, is a lawyer with 25 years of experience in litigation and dispute resolution. He is qualified to practise in England & Wales, West Malaysia, Singapore and Hong Kong. He is also a Fellow of the Singapore Institute of Arbitrators.
Mohamed Nazem Suki has been in the Security Industry since the 1990s. He is a former police officer and has vast experience in the security industry. This includes managing security and fire safety at hospitals, commercial and residential complexes and providing training and consultancy in security and risk management and assessment. He is currently with Live Sensor SPI Consultancy Pte Ltd, providing security consultancy, risk assessment & audit, PLRD compliance and training, and WSH consultancy and audit.
Dr. Rex Yeap, Management Council Member, is an angel investor and runs a few technology-related businesses. His MCST experience started in 2003 as a management council member and is currently an active office bearer in one of the condominiums situated in the south of Singapore. Among other things, Dr. Yeap enjoys reading the BMSMA and various case laws.
Mark Garlinghouse, moderator and Management Council Member. Mark has served as chairperson and treasurer for an MCST.
The presentation slides used for the event is available here.
Referenced information:
GIA How to Guide. http://www.gia.org.sg/pdfs/howtoguides_FireInsuranceGuide.pdf
BCA Guide to Strata Title Living https://www.bca.gov.sg/bmsm/others/strata_living.pdf See page 27 for input about insurance.
A highly informative session for me, thanks to the panel of speakers who put in efforts in preparing their presentations and sharing their professional insights.
My key takeaway is the importance of doing proper due diligence when it comes to purchasing insurance for the estate, it is not simply a case of choosing the ‘cheapest $ quote’ insurer. In this regard, it is sensible to obtain valuation of the estate facilities at appropriate intervals (some may want to do bi-annual, others slightly longer), so that you are better-informed how much insurance you want to cover for various risks.
I look forward to joining the next session organized by MCSTGuru!
Hi Slade
Thank you very much for your support and kind words. So glad you found it informative. Wait for the dates to our next events – we will announce them on our social media and this website.
MCSTGuru Staff