Re: Insurance Commission what is standard?
I have done a lot of research in this area and I would like to set the records straight regarding the flow on effect if strata managers are prohibited from…
Re: Insurance Commission what is standard?
Willie said Can the EC take the insurance administration away from the SM and appoint a broker or does it need to go to a General Meeting of OC First…
Re: Insurance Commission what is standard?
As an additional inquiry to Willie’s question; if the EC take the insurance admin (& commission) away from the SM and appoint a broker, can we still have the notices…
Re: Insurance Commission what is standard?
Can the EC take the insurance administration away from the SM and appoint a broker or does it need to go to a General Meeting of OC.
Re: Insurance Commission what is standard?
Good information as always Jimmy! To reiterate though, I wasn’t in any way suggesting that our Plan’s last Strata Managers didn’t disclose their commission from our insurers; the percentage was…
Re: Insurance Commission what is standard?
Juts back from the SCA (strata managers) convention in Perth where strata insurance commissions were a very hot topic. The removal of commissions is going to hit the small, local…
Re: Insurance Commission what is standard?
I totally agree that extra transparency is required. Insurers should offer a lower premium for direct (non-broker) policies. SMs should credit their share of the commission to the strata, and…
Re: Insurance Commission what is standard?
I can understand the commission relationship between strata managers and insurers, but as I’ve said before in other posts it can’t be justified in my opinion. I’ve heard the stories…
Re: Insurance Commission what is standard?
@Kangaroo said: When insurers tell you “it doesn’t cost you anything, we pay it out of our profit”, what they mean is “if you bypass the broker and deal with…
Re: Insurance Commission what is standard?
Funnily enough, I’m at the Strata Community Australia (strata managers’) National Conference and the question of insurance commissions was raised on a panel of industry heavyweights. One speaker said many…
Re: Insurance Commission what is standard?
Cosmo said Our OC self manages and has insurance through a broker. The broker gets a commission of 20% but it doesn’t cost the OC anything. The commission coming from…
Re: Insurance rocketing – as is strata manager’s commission
Our insurance premium rose by 15%+ last year (2012). When I asked the SM to find out why, the answer which came from the insurer was that all insurers were increasing…