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I realise I wasn’t using the quote function correctly previously. Here it is again, take 2!
The current policy details are included with the AGM notice
Actually, they are not.
Whilst the strata manager often gets quotes for the insurance, it’s up to the committee to decide which one to take.
Absolutely! I agree with that.
Unless the owners have limited the decision making power of the committee, the committee does not need to refer back to the owners.
Not a matter of referring back for approval but to notify owners of what the renewed policy is, especially when it is materially different to what was resolved would be renewed at the AGM.
The current policy should be on your strata portal (assuming you have a strata manager and they have set up a portal)
Nope, it’s not on the portal.
Fair enough if the option that was originally resolved costs too much or is not available.
Should owners be informed about the terms of the renewed policy or do they have to wait for the next AGM to find out?
I suppose how much your excess is would be a function of (1) what insurance policy your OC Committee approved, (2) what you had actually claimed. That would probably be acceptable if you knew upfront what you (personally as a lot owner) would be up for if you had to make such a claim.
It is quite different from my question about whether when given an impression via AGM minutes that the excess would be $1,000 and it being subsequently increased to $2,500, requires that all lot owners be informed of the change.
Insurance excess that lot owners are liable for in the event of a claim is increased by 2.5 times to $2500. This is after it was circulated in AGM minutes that it would be $1000. By the way, I’m located in VIC. Thanks.
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