The Hong Kong government will outline the details of mandatory procurement of third-party risks insurance on the part of owners' corporations in the Building Management (Amendment) Bill, an official said on Monday.

Secretary for Home Affairs Patrick Ho said that the amendment bill aims to eliminate all the loopholes and inadequacies of the Building Management Ordinance. He said he hopes the law changes will facilitate owners' corporations' work.

He said the bill proposed that the insured amount of each policy should be not less than 10 million HK dollars (1.3 million US dollars) per event in respect of the liability for a third party's bodily injury and death.

Ho said the Hong Kong SAR government also proposes to add a newsection in the ordinance to the effect that management committee members of an owners' corporation acting in good faith shall not be held personally liable for any act done or default made by or on behalf of the corporation.

Source: Xinhua