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Topic
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What happens when a decision which takes place after the circulation of the AGM minutes (a) contradicts what was resolved in the minutes, and (b) potentially impacts all lot owners significantly? Should the OC Manager have informed all lot owners of the significant change?
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Replies
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We’ll need more on the nature of the change and the the impacts it created before anyone cam make a considered response.
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So could you explain how that contradicted a decision that was made by the owners?
As a general observation, insurance excesses are skyrocketing. We had a claim a year ago where the excess was $5K. We had another claim at the end of last year and the excess is $10k.
If one of the impacts was a lower premium would you still be annoyed. or is it the principle of the strata manager choosing a different policy form what was agreed on? And what would their commission on the two amounts be?
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As scotlandx said, insurance is in a state of flux at the moment.
The decision at the AGM may have been to have an excess of $1000, but your broker probably was unable to get insurance at a reasonable price with thst excess, if at all.
My understanding of the current situation for strata insurance is that it’s take it or leave it, by the insurers.
The current policy details are included with the AGM notice
Whilst the strata manager often gets quotes for the insurance, it’s up to the committee to decide which one to take.
Unless the owners have limited the decision making power of the committee, the committee does not need to refer back to the owners.
The current policy should be on your strata portal (assuming you have a strata manager and they have set up a portal)
My understanding of the current situation for strata insurance is that it’s take it or leave it, by the insurers.
Our committee just had our insurance broker seek quotes and all insurers declined except the insurer we were already with. The premium is a 25% increase on the previous year, which in turn was a substantial increase on the year before. For much of the last decade, the premiums were about half what they are now and the increase would have been even more if we had not accepted an increase in the excess from a few hundreds of dollars per claim to $2500 for most things and $5000 for some particular events.
Influencing this was some large claims over the past couple of years but the broker said these large increases are not just reflecting our situation or even strata insurance in general or Australian insurance in general but is part of an international trend. Frankly, I think we are starting to see climate change risks reflected in our premiums.
Justasking
as you answered in the negative to my comments, I’d be looking for a new strata manager.
Justasking
as you answered in the negative to my comments, I’d be looking for a new strata manager.