Building Valuations and Underinsurance

In this paper we consider the following items in relation to Strata Building insurance: Underinsurance; Legislative obligations owners are subject to; Important considerations when appointing a valuer; Alerting you to some key timelines that should be taken into account when assessing the value of a building, as provided by a valuer. Underinsurance Many research papers … Read more

Section 11 – Loss of Lot Market Value

What happens if your scheme cannot be reinstated? If you’re like millions of other Australians, you will have a large amount of your net worth invested in your primary residence. As owners, we tend to always be optimistic on the value of this asset, and of course its true worth is only realised upon sale. … Read more

Insurance and Strata Managers

Recent debate concerning the receipt of insurance commissions by Strata Managers has highlighted the need for managers to ensure that the insurance policy is chosen for the right reasons, all of which are unrelated to the commission it attracts. The industry needs to ensure that the choice of particular insurer by a Strata Manager is … Read more

Strata Community Insurance awarded Platinum rating two years running

StrataRatings, an independent ratings agency, has rated Strata Community Insurance “Platinum” for both its Residential and Commercial Strata products. Their 2019 report focused on a series of questions evaluating policy conditions, claims, product availability, and features and benefits. The ratings are produced to assist Owners, Strata Managers and Brokers in selecting Residential and Commercial Strata … Read more

NSW Emergency Services Levy Price Comparison Changes

Effective 1 July 2019, new obligations commence in NSW requiring the provision of year on year price comparisons with insurance renewal communications for specified classes of insurance – including strata. A breakdown of separate line costs for the NSW Emergency Service Levies, taxes and duties; and details of fees charged by insurance intermediaries will be … Read more

Strata Community Insurance ranked No.1 in 2018 Strata Insurance Ratings

StrataRatings, an independent ratings agency providing insurance buyers with an evaluation of Strata insurance products, has released their inaugural set of 2018 strata ratings. Simon Plummer, Managing Director, StrataRatings states that, “the ratings have been established to assist Owners, Strata Managers and Brokers in purchasing Residential and Commercial Strata products. StrataRatings recommend that in conjunction … Read more

Terrorism Levy Changes

For all news business and renewals effective 1st July, 2017 insureds will be liable to pay terrorism levies, if their scheme meets the Australian Reinsurance Pool Corporation (ARPC) criteria. In short, some mixed-use commercial and residential strata buildings will see new terrorism levies of up to 16%. These changes broaden the definition of eligible property … Read more

Building Defects, Maintenance & Insurance

Professionally managing Defects and Maintenance & Repairs now take up a considerable portion of Strata Manager’s time, at an increasing cost to Owners [1]. Strata Community Insurance held an educational forum on this topic around the country during November 2016, with some 300+ attendees. We summarise a few of the key observations within this note. … Read more

Underinsurance… An Ongoing Problem for the Strata Sector

In spite of the fact that legislation requires Corporations, Owners Corporations, Plans and Strata Companies (“Bodies Corporate”) to insure buildings for rebuilding and/or replacement value, it is possible that even with a valuation, the sum insured is incorrect. Office bearers for Bodies Corporate have substantial obligations and can be held personally liable for their actions … Read more