Conflict of Interest – Insurance

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  • 15/08/2011 at 7:46 am #7574 Reply | Quote
    Anonymous

      Is it just me, or are others also concerned that the usual 20%~25% kickback on insurance premiums received by Strata Managers constitutes a very serious conflict of interest which few people are aware of ?

      A couple of years ago our SM told us in no uncertain terms that an estimated $50k repair could not be claimed on insurance and we were not covered because of the type of damage. It was only after one of our EC members (with friends in the insurance industry) kicked up such a stink about it that eventually it was processed as an insurance job.

      We've had other hassles with dodgy insurance advice from our SM so I wonder to what extent there are benefits and kickbacks from our insurance company if they steer us away from putting in claims.

      It just doesn't seem right that a Strata Manager is also acting as an Insurance Agent and this is one area that I think needs some serious reform.

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    Reply To: Reply #13521 in Conflict of Interest – Insurance
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