Topic: Special levy raised for insurance? Paying insurance one year ahead? – FLAT CHAT

This topic has 3 replies, 3 voices, and was last updated 12 years ago by .

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02/09/2014 at 1:07 pm #9682 Reply | Quote
burwoodinteria
Flatchatter
Here is our story. Our strata has 123 lots all townhouses. In financial year 13/14 the owners corporation manager charged us twice for insurance premium. Once through a special levy which is for the current year; a second time through general levies which is for a future year (paying one year in advance). The reason why they are doing this is because we have so many accounts in arrears the owners corporation doesn’t have enough fund the pay insurance. However, none of this was disclosed to us by the manager until I questioned and reviewed their accounts. I am an accountant so I am a bit sensitive to the numbers. This is where it upsets me. The manager had no intention to tell us what they are doing, if this was not uncovered by us, what would they do with the extra many raised? Essentially we are the employer of them, not the other way around. Also, can insurance premium be raised through special levy? Does anyone else in the same situation paying insurance one year in advance? Or the owners corporation manager’s company is covering for the timing difference?

Thank you.
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Reply To: Reply #22225 in Special levy raised for insurance? Paying insurance one year ahead?

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