KP – I should really should know better than to again even slightly contradict you on your favourite topic…… but way back when, many strata-titled buildings in NSW were found to be grossly under-insured, and Sects 82 and 85 of the SCMA had the objective of ensuring that Owners Corporations (O/C) had such buildings covered for total loss (hence the references to “destruction” and “replacement”), and that the amount insured was reflective of a building valuation that was no more than 5 years old.
So you shouldn’t read too much into terms such as those that you highlighted in your post (#5), because if strata building policies really covered everything that a normal home building policy does, excluding shared facilities, then there’d be no need for specialised strata contents insurance and those normal home building policies wouldn’t specifically exclude any part of a building that’s part of a strata title.
Suffice to say, most of those significant differences aren’t relevant to Ross’s matter, and as some Insurers will depending upon claims history, loyalty etc variously accept or decline claims of the same type after similar events, perhaps Ross should in addition to progressing electricity supply investigations with his Strata Manager, additionally clarify coverage or otherwise for the security system with the O/C’s insurer.