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.
Why commercial strata properties require detailed risk information
In today’s insurance market, many insurers are becoming increasingly cautious when it comes to quoting on commercial strata properties. This is particularly true for properties with high-risk tenants or limited risk profile information. Insurers rely heavily on accurate, up-to-date information to assess the risk associated with a property. Without this, many insurers may decline to offer terms or apply significantly higher premiums and excesses.
Understanding the risks of volunteering at your strata property
Being part of a strata community often means pitching in to help things run smoothly. While volunteering your time may feel like a practical way to contribute, it’s important to understand how this affects both your safety and the Owners Corporation’s legal obligations. Here’s what every strata resident, committee member and manager needs to know.
Cladding | The road to rectification
Cladding Safety Victoria was established in 2020 by the Victorian Government and seen as a world-leading initiative via the Cladding Safety Victoria Act 2020 (Vic). The $600 million program was intended to make Victorians safer by helping residential apartment building owners rectify non-compliant or non-conforming external wall cladding products.
Ensuring the right insurance coverage for new strata developments
For developers of new strata properties in Australia, securing comprehensive insurance coverage is a critical step
in the development process. However, common questions often arise, particularly around the need for detailed construction material breakdowns and percentage allocations. In this article, we address some of the most frequently asked queries and explore key considerations when insuring new developments.
Insurance and claims information for strata properties
With the predicted weather events for NSW and QLD, we are aware that there may be a significant number of claims for water damage, with lodgements expected to increase. Our team is prepared and ready to assist. To help you navigate this situation and the insurance claims process, we have provided some important information.
Strata insurance market outlook 2025
Looking forward to the new year, there is hope that 2025 will be less turbulent and more predictable than 2024. Reflecting on the past year, we have seen the following trends in the market…
Tobacconists and vapes – not just bad for your health
Tattoo shops and massage parlours have been on the list of ‘uninsurable’ risks for some time. Tobacconists have recently joined the watch list, with some insurers declining cover due to the increased claims risk resulting from targeted firebombing attacks and ram raids.
Batteries doing more than charging – lithium batteries lighting up!
Fires ignited by charging lithium-ion batteries in apartments have been prevalent in the media. Some apartment owners are looking to limit or even ban electric bikes and scooters and charging their batteries in the building.
Mastering strata insurance: Seven essential tips to navigate challenging times
Insurers are becoming increasingly risk-averse in the face of natural disasters, resulting in changes to policy, reduced competition and sharp increases in premiums. The surge in demand for building materials and construction services is driving up maintenance costs, while the rising cost of living sees strata owners desperately seeking avenues to reduce expenses.