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Strataman – clearly the insurance and strata industries are peddling the same line that you’re espousing.
I like to consider myself to be a reasonable and logical person (some may question my success), and frankly I’m insulted by the claims of large and profitable insurers that they are currently discounting the real value of premiums by in excess of 20% in order to magnanimously pay an equivalent commission to a Strata Manager who acts as their Agent.
I’m equally insulted, although less surprised about complementary claims by the strata industry, including the one about them currently reducing their management fee by the amount of the insurance companies’ commission. Claims of closures, lack of competition, and job losses in the strata industry are the standard lines of those with a poor argument, and people like me (and government advisors) regard those as just so much claptrap, that the industry wouldn’t trot-out if they had a real argument.
Presumably the State Government has done its homework and its planned amendments to the Legislation are soundly based, and it, together with vigilant Executive Committees like ours will ensure that any unjustified continuance of current insurance premiums and increases to management fees are stomped upon quickly and from a great height.
You’re entitled to your opinions on this, and the post is mine and my final comments until such time as I find a broker and/or an insurer who will do the fair and reasonable thing; at which time I’ll share their details via this Forum.