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
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
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
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
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.
What financial advice can you provide your clients?
Are you fully aware of the legal guidelines you need to follow in order to provide financial advice or arrange insurance for your clients? Do Strata Managers need to become an Authorised Representative? The Financial Service Reform Act 2001 changed many things in regards to giving advice. Prior to this
The problems with signing a release
As Strata Managers, your days are spent ensuring the needs of the Owners Corporation are met. Owners expect quick and timely action on all matters particularly when it comes to claims. However, in our experience, Strata Insurance claims that involve more than one party can result in unnecessary delays if