Re: $10m insurance for office bearers?
A major Strata insurer in NSW advised that Office holders will be covered for anything including illegal (not in accordance with “The Act”) actions provided they acted “in good…
Re: $10m insurance for office bearers?
You’re possibly right in your assumption that the Broker was just chasing a higher commission because $1M is the norm., although it will all be for naught as you’re again…
Re: $10m insurance for office bearers?
For what it’s worth when our Strata insurance renewal was due recently the broker our Strata Manager uses to facilitate all this renewal work was recommending our Office Bearers insurance be increased from…
Re: $10m insurance for office bearers?
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 100 units.
$10m insurance for office bearers?
Heaven knows what this committee is doing, but last year our OC in Melbourne increased the office bearers insurance from $1M to $10m. I know they are pretty dodgy people,…
Re: Property Damage – Who’s Insurance is Responsible?
Hi Jimmy T, Firstly, thank you for your advice – I very much appreciate the help. You are right in that I’ve been confusing the strata management company with the…
Re: 2 unit insurance
Thankyou Jimmy! That clears that up very nicely. This little dog will definitely lie down on this one! Thanks again for your prompt answer! Cheers!
Re: Property Damage – Who’s Insurance is Responsible?
First of all, it’s not the strata management firm’s responsibility, it’s the Owners Corporation (the strata manager is merely acting erroneously and over-zealously on their behalf). Any excess payable on…
Property Damage – Who’s Insurance is Responsible?
Hello, I’m hoping you could please provide some advice, as I have been given the run around by all concerned and don’t know where to start! On Sunday night a…
Re: 2 unit insurance
You are paying the correct amount according to strata law because you are paying your share according to your unit entitlements. If unit entitlements were based solely on the area…
Two-unit strata insurance
Just wondering about house insurance in a 2 lot strata scheme where each lot’s unit of entitlement is 10/20. I own Unit 2 which is 77m2 inside and the lot is…
Re: Government audit insurance
Thank you Whale. Our main income is the interest on our smallish sinking fund in a term investment, which is well below $1,000 per annum. There are also occasional small…