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In our block of 21 lots there is an annual charge of over $10,000 for Corporate Home Unit. Can someone confirm what this charge covers.
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darryln said:
In our block of 21 lots there is an annual charge of over $10,000 for Corporate Home Unit. Can someone confirm what this charge covers.
Ask the person who pays the bills. As an owner you are a member of the Owners Corporation and you are entitled to know. I'd start with the strata manager but don't be too aggressive – it may be a legitimate expense that's just badly referenced in your accounts.
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Not sure what darryln is really asking here. Whilst I have no problem with Jimmy's answer, I'd take a punt and say the annual charge is for the CHU Insurance premium. Our managing agent gives all owners a copy of the policy summary, with notice of annual meeting, which says how much cover is arranged each year. If you want more detail on what the policy covers (and excludes), you can get it from downloading the Product Disclosure Statement (PDS) from the Company's website. There are statutory requirements in the Strata Schemes Management Act (assuming you are in NSW) for coverage of certain risks, and you should get periodic valuations to make sure you have adequate cover.
DaveB said:
Whilst I have no problem with Jimmy's answer, I'd take a punt and say the annual charge is for the CHU Insurance premium.
D'Oh! I didn't make the connection with Corporate Home Unit and CHU (or Corporate Home Unit Underwriting Agencies Pty, to give it its Sunday name).
By the way, Darryln, insuring the building is one of the few statutory obligations that an Owners Corporation has, alongside maintaining common property and having an AGM.
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