Have you hired a tradesperson, or appointed caretakers to carry out works on behalf of an Owners Corporation (OC)? Make sure they have the right tools for the job. Public Liability Insurance is essential and as a Strata Manager, it’s your responsibility to ensure the tradies you engage have Public
The top 6 things to remember when applying for Strata Insurance.
With the Strata construction industry constantly evolving, and the introduction of new and complex legislation, the role of an insurance broker is more important than ever. In order to accurately underwrite a Strata Insurance policy, insurers are requiring a lot more information when placing new business or renewing Strata Insurance
Aluminium Cladding – FAQs for Strata Managers
Since the 2014 Lacrosse building fire in Melbourne, there has been heated debate, publicity and extensive enquiries with respect to non-compliant Aluminium Composite Panels (ACPs) in strata property developments. The notorious Grenfell Tower fire in London, 2017 perpetuated this further, sending authorities and occupants of multi-level buildings into a panicked
Banning Combustible Cladding in Victoria
Since the 2014 Lacrosse building fire in Melbourne, there has been heated debate, publicity and government enquiries with respect to non-compliant building materials used in new strata developments. In 2018, new ministerial guidelines are set to ban the use of these products with harsher penalties in place for builders and
A breach of professional duty: Do you understand the risk?
Owners Corporation (OC) Committees are within their rights to proceed with litigation against their Strata Manager for a breach of professional duty if they believe the professional services provided are directly responsible for a financial loss incurred by the Owners Corporation. While the breach may merely be an error in
3 key challenges that impact Strata Insurance, and how you can tackle them.
The role of a Strata Manager is continually increasing in complexity and responsibility. Below we address some key challenges affecting properties that can also impact the Strata Insurance – asbestos, non-compliant cladding, and property defects. Unfortunately the frequency at which Strata Managers are faced with these issues is growing, and
Disregarding property valuations could cost Strata Managers & Committees
You’ve sought professional advice and obtained a valuation. Now the question is; do you take it or leave it? When it comes to determining a Building Sum Insured, disregarding professional advice could be detrimental to everyone concerned: the property owner, the Owners Corporation (OC) Committee and you, the Strata Manager.
Terrorism Insurance Act: Strata Insurance Levy Changes
From July 1, 2017, some residential Strata Insurance policies will experience significant total premium changes as a result of amendments to the Terrorism Insurance Act 2003 (Cth). The changes apply Australia wide, and relate to the introduction of a Terrorism Levy. What are the changes? Property types eligible for insurance
Hello airbnb guests… goodbye insurance cover
The boom in internet accommodation sites like Airbnb has led to more Australians opening their doors to people we don’t know. But what if something goes wrong? Lia de Sousa, Director of Resolute Property Protect, checks out what happens after strangers check-in. It’s Saturday night and you’re catching up over
Why Management Liability Insurance is essential for all Strata Management businesses.
Owning and running a Strata Management firm carries with it significant responsibility and risk. Wrongful acts by directors, dishonest acts by employees, harassment, wrongful dismissal and statutory fines and penalties are just a few exposures that can threaten the financial sustainability of your business. Management Liability Insurance is designed to