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Good Morning,
At our recent AGM I raised the question of why the Strata Manager had not obtained competitive quote for our insurance. His answer was along the lines that the company we were insured with was always the most competitive.
It was decided that the SM would ask the insurance company if they would reconsider the premium amount. It is worth noting that the premium has been paid and the policy in effect for some 6 months. Not surprisingly the insurer declined to reconsider premium amount. The SM has obtained competitive insurance quotes from 3 companies and they are all cheaper, up to 10%. The SM has not supplied details of any of the insurance policies, including the current one. He has also advised that we could cancel the current policy and re-insure with one of the companies that have quoted.
My questions are,
a) Is there a formula for calculating a refund of premium when cancelling a policy, and does this refund include all govt. charges and agents commission.
b) Am I reasonable in assuming that our SM has not been looking after our interests over the last few years in not obtaining competitive quotes. I accept that I have been ‘slack’ in not being more involved in the past. It is a small plan and basically we have allowed things to just roll along. However, the costs are rising too quickly in my opinion and I accept that it is up to me to contain them.
I look forward to your comments and advice.
Many thanks,
Dudley