Insurance Commission what is standard?

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  • 30/05/2013 at 9:34 am #8853 Reply | Quote
    Speidel
    Flatchatter

      Our Owners Coporation is currently exploring changing our manager and we requrested some proposals from suitable managers. I noted in one contract that the Body Coporate Manager receives 15% commission for insurance and if the insurance the Owners Corporation chooses does not provide 15% commission to the manager, the Owners Corporation has to pay the Manger the difference. I was very surprised indeed to see such a clause and would like to find out if this is legal, if it is,Frown it appears to me to be morally wrong. Happy to pay a fee for a service but getting three insurance quotes is not worth this amount. Given Insurance costs are one of the highest expenses of our owners corporation, 15% of our insurnace is a signficant amount.

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    Reply To: Reply #18585 in Insurance Commission what is standard?
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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