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Our Owners Corporation (OC) negotiated a 3 yr contract with a Strata Company, with an increased annual fee and insurance commissions being returned by the Strata Company to the OC. The Strata Company has recently negotiated a deal with a new insurance broker and are advising that there are now no commissions.
What to do? Are we within our rights to ask for a reduction in the annual premium by the amount of the insurance commissions we no longer see. Alternatively, should we try and negotiate directly with the old broker to see what we can achieve?
Your advice would be appreciated.
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The strata company? Which state are you in? Or do you mean the strata managers? The information would be helpful.
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I’m amazed that in these days of Royal Commissions, fees for no service etc that commissions from insurance companies to Strata Managers are allowed at all. Even if nothing more sinister the appearance of the situation reeks of conflict of interest.