Cyclone Reinsurance Pool

Strata Community Insurance to enter Cyclone Reinsurance Pool. In response to insurance affordability concerns in Northern Australia, the Australian Federal Government introduced the Cyclone Pool, administered by the Australian Reinsurance Pool Corporation (ARPC). The Government then passed in 2022 the Cyclone and Flood Damage Reinsurance Pool bill. The Pool is backed by a $10 billion … 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

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

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