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Hi,
Just asked my strata manager for our insurance certificate of currency and was was told a $25 fee applies. Can they really charge us for something we’ve already paid for (not to mention the nice little commission they received)?
Just wondering what an owner’s rights are and if this is common practice?
Thanks in advance
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By way of background, a Certificate of Currency (CoC) is issued by your Owners Corporation’s Insurer, usually at the request of lenders at the time of a Lot’s sale or refinancing, and it confirms that there is a current policy in place and the amounts of monetary coverage for individual risks as of the date that it’s issued.
I’ve found that a copy of the receipted Policy Schedule will usually suffice in such circumstances, but if a CoC is requested of an Owners Corporation’s Strata Manager by a lender or by an individual Owner then the Insurer charges a fee for preparing it, and that’s what your Strata Manager is passing on, possibly together with their own admin. fee for making the (on-line) application.
So YES…. that’s common practice, and if there is an admin. fee from your Strata Manager then that would be declared in one of the Schedules to their Agency Agreement.