Strata News

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...

NSW Emergency Services Levy change

… a fairer system for strata owners On 29 March 2017, the NSW Government passed the new Fire and Emergency Services Levy Bill 2017. This long overdue reform introduces a fairer and more sustainable approach to funding of NSW fire and emergency services, finally moving...

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,...

Section 11 – Loss of Lot Market Value – Paul Keating*

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...

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....

Terrorism Gap – Are you Covered?

An article featured in the Gold Coast Bulletin ¹ has warned body corporate committees to review their insurance coverage, emphasising the importance of ensuring that property owners are protected against damage resulting from an act of terrorism. The article by Paul...

Strata Owners to Benefit from Tax Savings on Insurance

A fairer system for NSW Emergency Services funding: Levies to be removed from insurance contracts. In what is a historical and significant win for lot owners and bodies corporate of strata schemes across the State, the NSW Government has recently announced it will...

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