Re: insurance commissions
I’m amazed that in these days of Royal Commissions, fees for no service etc that commissions from insurance companies to Strata Managers are allowed at all. Even if nothing more…
Re: insurance commissions
The strata company? Which state are you in? Or do you mean the strata managers? The information would be helpful.
insurance commissions
Our Owners Corporation (OC) negotiated a 3 yr contract with a Strata Company, with an increased annual fee and insurance commissions being returned by the Strata Company to the OC. …
Re: What does insurance cover?
It depends how the damage was caused. We’re going through this at the moment in our block. One unit has severe cracking in their brickwork. There was a leak…
What does insurance cover?
Our complex of 60 units ( 4 adjoining blocks) and is almost 20 years old. We have always had our complex fully insured and from memory cost is around $30Kpa. …
Re: Strata Insurance
Simple answer, yes, if you are classified as a community scheme. According to this factsheet, looking at it from the other direction, the law has been changed so that “the members of…
Strata Insurance
I have recently had an offer accepted on a strata unit in South Australia. There are 3 units on the block, 1 completely separate and 2 attached via garages. There…
Re: Strata building insurance
In the ACT, s.100 of our act says: “1) An owners corporation for a units plan must insure and keep insured all buildings on the land for their replacement value from…
Re: Strata building insurance
I think that the Act defines the level of cover which has to be provided, based on a worse case scenario where the building requires complete rebuilding back to its…
Re: Strata building insurance
Spellcheck? Please?
Re: Strata building insurance
Dech There is a concept in insurance called coinsurance. Basically it says that if you take out insurance that for less than the full event insurance value, the insurance company…
Re: Strata building insurance
Unless the block is substantially made of flammable products or a similar identifiable risk being forced to insure for full value or so called replacement value is similar to…