Topic: Strata Insurance – FLAT CHAT

This topic has 7 replies, 5 voices, and was last updated 13 years, 11 months ago by .

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10/10/2012 at 11:24 am #8463 Reply | Quote
Dudley
Flatchatter
Good Morning All,

I would appreciate some advice re our Strata Insurance.

At our last AGM I requested from the Strata Manager answers on why we had never received competitive quotes for insurance. His answer was quite evasive and not at all satisfactory. The Strata Manager decided, on his own initiative, to obtain competitive quotes for our strata insurance. The EC recently received the quotes all of which were less than our current insurance. We also received the offer that we could cancel the current insurance and re-insurance with a new company. I assumed that such a decision would leave us “out of pocket” as I don’t think a “pro-rata” refund of premium would include commissions and govt. fees and taxes. The main difference in premium amount was in Strata Manager’s commission – circa 10% verses 15% current insurance company.

My questions are,

a) Is there a designated commission level for strata managers.

b) Is is mandatory to obtain competitive quotes for insurance.

c) is it a requirement for PDS’s to be supplied with the quotes.

d) Any other pitfalls I should be aware of in reviewing strata insurance and possibly the Strata Manager.

Many thanks,

Dudley
Creator

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Reply To: Reply #16791 in Strata Insurance

PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.