This article outlines a village operator’s responsibilities regarding insurance, as per the Retirement Villages Code of Practice 2008.
According to the Code of Practice, a village operator must maintain a comprehensive insurance policy to cover loss or damage caused by fire, accident or natural disaster.
Insurance must be for full replacement (if available). If full replacement insurance isn’t available, indemnity insurance is permitted, and the operator must clearly communicate what cover is provided.
An operator may choose to take out additional insurance policies, for example public liability or insurance to cover business interruption. All of a village operator’s insurance policies should be listed in the village’s disclosure statement.
Residents are responsible for contents insurance should they wish to insure contents within their unit, as well as their own vehicle insurance. Both contents insurance and vehicle insurance are optional and residents may take out policies with any provider.
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