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
Crisis Management Part 3: Careful planning can stop a crisis from turning into a disaster.
Detailed planning and preparation is essential to protect the liability exposure and brand reputation of your Strata Management business in a crisis. Part 3 of our Crisis Management series builds upon Part 2, outlining in detail the crucial elements you need to consider to ensure you have the capability to
Crisis Management Part 2: Preparation is everything
A crisis may occur at any time and can impact your business in a number of ways. Despite many years of good work in building a strong and favourable image in the community, your Strata firm’s reputation can be tarnished quickly if a crisis is not managed effectively. In Part
Crisis Management Part 1: Reducing the severity of a crisis and the impact on your Strata Management business
Headlines were made across Australia in November, 2014 when the severe ferocity of a Docklands apartment fire was attributed to the use of illegal cladding material in its construction. Even more alarming now, is that the cladding has been used in hundreds of high rise buildings throughout Australia. The presence