Re: Building insurance
I agree and think that it’s time for you to dig out your agreements and documents from storage and really scrutinise the terms of the contract when you signed for…
Re: Building insurance
The answer to this is in your insurance policy, not the Act. If it’s a like for like, insurance, then you are covered. If it’s based on the valuation, then…
Building insurance
Hello Jimmy On 20 August I posted a question about the valuation for which our strata buildings should be insured as follows: My request was as follows: Our strata property…
Re: Special levy raised for insurance? Paying insurance one year ahead?
@Jimmyt53 said: KP, what you say about chasing the bad debts is absolutely right but you lost me on your argument that the reason for the special levy is so that…
Re: Special levy raised for insurance? Paying insurance one year ahead?
KP, what you say about chasing the bad debts is absolutely right but you lost me on your argument that the reason for the special levy is so that the strata…
Re: Special levy raised for insurance? Paying insurance one year ahead?
I would strongly suspect that why they are paying in advance is because they get paid a commission on the insurance premium. What they should be doing is handing the…
Special levy raised for insurance? Paying insurance one year ahead?
Here is our story. Our strata has 123 lots all townhouses. In financial year 13/14 the owners corporation manager charged us twice for insurance premium. Once through a special levy…
Home owners warranty insurance – loss of rent
A claim for loss of rent under the Home Owners Warranty Insurance policy was rejected by the insurance company on the basis that the policy made no provision for payment for…
Strata property building insurance
Our strata property consists of 19 lots consisting of 3 commercial units (separate building), a unit block of 6 units with garages at ground level (separate building) and 10 townhouses. According…
Re: $10m insurance for office bearers?
Guys, the question that you may wish to ask yourselves, ‘if I were a director of a company, and could be sued for a decision I did or didn’t make,…
Re: $10m insurance for office bearers?
@PeterC said: We have $1,000,000 for ‘office bearer’s liability’ and $20,000,000 for ‘legal liability’ (IE 3rd party liability). I think those amounts are pretty standard though we are just over…
Re: $10m insurance for office bearers?
Dech – I take your point about Strata Managers, although wonder whether some omit to properly advise their Clients (Owners Corporations) simply because they themselves don’t know even the basic…