our own management ?

I've been thinking ... After the formation of the Joint Management Body (JMB), I've heard that a few JMB's have decided to manage their own condominiums. Evidently, we are tired of errant property management companies who often do not do a good job and charge an exorbitant fee. This are just problems on the surface. Who knows what lies beneath. I was wondering if it would be effective in Armanee. Park Avenue and Saujana Apartment are both managing their own places. For me...it really comes down to legality and exposure of the committee members. Act 663 clearly states that committee members are personally liable and answerable towards any negligence. Is this something that can be solved easily ? Will personal indemnity insurance cover this and will it cost too much ? What happens if a residents decides to sue the management for whatever reason ? Instead of suing a property management firm, the legal suit could actually be against your own neighbour ! How much exposure would committee members be up against ? It seems to be a great idea if we could manage Armanee on our own wouldn't it ? Imagine not having to deal with 3rd parties...what a blessing !