The Strata Schemes Management Act 2015 deals with insurance requirements under Section 160 through to and inclusive of Section 175. It specifies that the owners corporation must insure the building with an approved insurer for rebuilding or repaired to a condition that is not worse or less extensive that that part when new, including:
- Public Liability – the minimum sum insured is now $20,000,000.
- Workers Compensation – The Workers Compensation Act has recently been amended, cover may not be required
- Voluntary Workers
Your strata insurance policy provides protection for all of the buildings fixtures and fittings, including kitchen cupboards, bathroom fixtures, internal doors and fixed floating floors, just to mention a few.
With introduction of the Strata Schemes Management Act 2015, strata managing agents are now required to obtain no less than 3 quotations, for this reason we utalise the services of specialty strata insurance brokers, who have been invaluable in assisting with promptly processing insurance claims.
Below are links to some insurers current policy wordings and their respective Financial Services Guide.
CHU Underwriting Agencies Pty Ltd
- CHU Residential Strata Product Disclosure Statement
- CHU Commercial Strata Product Disclosure Statement
- CHU Financial Services Guide
- CHU Supplementary Product Disclosure Statement
- CHU Important Information relating to Floating Floors
- CHU Flood Infomation Details
Strata Unit Underwriting Agency Pty Ltd
- SUU Residential Strata Product Disclosure Statement
- SUU Residential Strata Insurance Policy Key Differences
- SUU Residential Strata Insurance Policy Overview
- SUU Commercial Strata Product Disclosure Statement
- SUU Commercial Strata Insurance Policy Key Differences
- SUU Commercial Strata Insurance Policy Overview
- SUU Financial Services Guide
How does Stratamark handle your claims?
Most claims will be processed once the work has been completed. The invoice is submitted to the insurance broker and the claim is followed-up until payment is received.
In cases where the damage is pending approval from the insurer the claim is subject to a more rigorous review and updates are sent, by email to the strata committee. If there is damage within a lot, the lot owner or their representative is also kept informed.
Both the expenses and payments are allocated to a specific ‘Insurance Claim’ general ledger code allowing amounts to be easily reconciled.
Once your claim has been paid there are additional aspects to consider apart from simply banking the cheque and closing the file. There may be an opportunity of recovery from an at fault party. If the insurer decides to pursue recovery and if successful the owners corporation will be entitled to a full refund of the policy excess (if paid). At Stratamark we continue to follow-up the claim to until the excess is refunded.
Our vast and detailed knowledge of the insurance industry becomes a benefit when dealing with claims. This service is included within both our management fees (some additional charges may apply under the standard agreement); for more information contact Stratamark to learn more.
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