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.
The Strata Insurance Market Explained
Understand the Strata Insurance market landscape and how to achieve the best outcome for strata properties The strata insurance market is always an interesting place. This guide provides you with an insight into the factors that shape the market and a realistic outlook for strata insurance premiums. It delves deeper
Coronavirus (COVID-19) & Owners Corporations: Frequently Asked Questions
Coronavirus and Owners Corporations FAQ’s – clarify key concerns.
Tradespeople & caretakers: Check they have the right insurance tools for the job.
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 problems with running a business from a residential strata property
Running a small business out of a residential strata unit may cause major issues in relation to insurance. Not only can it increase the risk of a public liability claim, but it can also change the property classification from residential strata to commercial strata. A change in property classification almost
Volunteering at your Strata property. Is it worth the risk?
Strata residents often volunteer for odd jobs around their Strata property. However, they also tend to volunteer with the belief that they’re covered for Personal Accident under Strata Insurance if they become injured. Unfortunately this isn’t always the case! Ensure your clients are fully informed of what is covered before
Are you storm ready?
Do your OC clients know what steps to take if their apartment or unit is damaged in a storm? Renee Cassidy, Claims Manager at Resolute Property Protect advises her top tips for you to share with your clients should their property suffer damage during a severe weather event. It’s a wintery