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Topic
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Our Lot pays strata fees amounting to $4,400 per year. Our strata manager gets commission on our building’s insurance each year.* Yet, when my bank asks me to get a Certificate of Currency to show we’re properly insured, the strata manager wants $33 for issuing it to us, electronically. Is this normal?
*Is also rude, unhelpful and tardy; can take months to get the simplest things done.
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Costa – Certificates of Currency are supplied and charged for by Insurance Companies, and $30-$40 is around the going rate for an electronic version delivered as a pdf even if you, as an Owner in the Scheme, apply for it directly.
Regarding the insurance commission received by Strata Managers, that should currently be declared within the terms of their Agency Agreement with Owners Corporations, but under new NSW Strata Legislation that’s planned to commence on 1 July 2016 all such monetary commissions will additionally require the Owners Corporation’s (O/C) agreement either under the terms of its Agency Agreement or separately such as at a General Meeting.
However (isn’t there always one of those) I understand that moves are afoot to amend the standard form of Agency Agreements to allow Strata Managers to increase their management fee to off-set the value of any commissions income that’s lost as a consequence of an O/C’s refusal to agree to those payments.