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[frynda]

I have been unable to get my strata managers to tell me

1. how much is insurance premium for my building p.a.

2. what is my building insured for and for how much ,if it was to be damaged

3. how much is excess, to claim?

…after many requests they still fob me off with … flim flam

.. where do i stand on this topic?

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[TrulEConcerned]

1. You could look at the annual accounts – submitted to owners with the agenda for the AGM – and keep an eagle eye out for an insurance line item. That should reveal the premium paid and often but not always, the insurer’s name.

(a) You could then ask the agent for a copy of the insurance certificate; which would include the insurer’s name and you strata’s policy number.

(b) You then call the insurer and ask all your questions. Remember to ask also for a copy of the PDS (Policy Disclosure Statement) which lists all the terms of the policy.

2. If the above does not answer your queries, then look closely at the AGM Agenda and Minutes.

Often it is something along the lines of: 2 (or more) quotes to be obtained and strata mgr is authorised to insure the strata etc.

If so, you could first ask the strata committee and then the agent

(a) To see the quotes received and

(b) To be informed as to which insurer was chosen and why

Many agents has an online portal for each strata where common documents eg by laws, insurance certificates etc are deposited and are available for owners to view at will. If this is the case, you should have been provided with a password to access it.

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[Jimmy-T]

TrulEConcerned wrote:

you could first ask the strata committee and then the agent … which insurer was chosen and why.

“Because they offered the best cover for the premiums demanded,” would be the easy answer to that, and hard to disprove.

But to expand on your initial point, owners are entitled to see all strata records and the strata manager is legally obliged to show them (usually at their office for a modest fee).

Also, in NSW strata managers must declare any commissions they make from arranging insurance cover.

 

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