With Coronavirus (COVID-19) officially declared a Pandemic in March 2020, and the landscape changing almost hourly, there is an air of great unease across Australia. Aside from the significant impact Coronavirus is predicted to have on our health system, there are also implications for the economy and potentially your business.
Claims Insurance Market Update
The last six months have seen an unprecedented number of insurance ‘catastrophes’ declared in Australia. Many homes, cars and businesses experienced serious damage, resulting in a major spike in insurance claims across the nation. Unprecedented catastrophes in Australia Insurance events declared catastrophes over the last 6 months are as follows:
Does your business insurance still fit the bill?
The dynamic nature of today’s economy means that business risk exposures and insurance needs are changing more rapidly than ever. When was the last time you took a step back from the demands of running your Strata Management firm, to assess whether your business insurance is still adequate? Does it
Are your clients prepared for the bushfire season?
Spring bushfires in suburban areas of the Sunshine Coast in QLD, are a grave reminder that you don’t have to live in a rural area to be impacted by bushfires. The ferocity of these fires in early September, followed by horrific blazes across NSW, QLD, SA and VIC has seen
A guide to property defects and Strata Insurance
Do any of the OC properties you manage have defect issues? Are your clients hoping Strata Insurance will cover the defect and resultant damage? Unfortunately it isn’t quite that simple. Renee Cassidy, Claims Manager at Resolute Property Protect explains… With high demand for property and inner city living, apartment buildings
Strata Managers – Do you Have a Professional Indemnity Safety Net?
Professional Indemnity (PI) Insurance is an important part of any business risk management strategy. No longer is PI only required by professionals such as lawyers, accountants, and architects but it is a legal requirement which applies to all Strata Managers. Professional Indemnity Insurance protects any person or entity who provides
A guide to tackling the challenging Strata Insurance market
In recent times, Strata Insurance has been a bone of contention for many Strata Managers and Owners Corporations (OC) across Australia. Non-compliant building materials, property defects, and hardening insurance markets have seen Strata Insurance premiums increase substantially, often with restrictive policy conditions and high excesses imposed. To help your clients
Flood Insurance cover in Strata properties
Monsoonal deluges and the flooding that ensued became a terrible catastrophe for thousands of Townsville residents earlier this year. Severe flooding caused widespread damage to an unprecedented number of properties, including residential strata. In the aftermath of a flood, many depend on their insurance to help recoup losses. Sadly however,
Not satisfied with a Strata claim outcome? There are options to take it further.
If your client receives a Letter of Denial for their insurance claim, it isn’t a particularly welcome outcome, especially if they feel the insurance claim should have been covered under the policy. However, they are able to take comfort from the fact that a denial letter doesn’t have to be
Strata Managers: how do you handle a crisis?
From raging fires to torrential flooding, a critical event can occur at any given moment for the strata properties you manage. In early February 2019, a fire ripped through several balconies at the Neo200 building on Spencer Street in Melbourne. As a Strata Manager, how would you respond to a
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