- This topic has 3 replies, 3 voices, and was last updated 6 years, 10 months ago by .
-
Topic
-
I always thought a strata plan was owned by each lot owner through the owners corporation. However we have recently received a letter from a company announcing they are acting for the “lawful owner of Strata Plan XXXX” and names an insurance underwriting firm as being the owner of our strata plan!
Is there some sort of separation of ownership between individual lots and the associated strata plan? Or does the owners corporation somehow temporarily cede ownership of the strata plan to an insurance company each time insurance is taken out?
-
Replies
-
The ‘legal person’ who owns the strata plan is ‘The Owners Corporation’. That ‘person’ can take out an insurance policy, just like any other person. Ownership is not ceded by taking out an insurance policy.
A quick phone call would be in order. It could be a badly worded letter intended to refer to a lot within the strata plan, where the writer doesn’t know the difference.
If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.