Re: Conflict of Interest – Insurance
For what it's worth, years ago our EC raised the subject of strata managers getting “kickbacks” and, as a result was able to get a better rate from a better…
Re: Conflict of Interest – Insurance
Thanks Mr Strata… yes I understand it forms a part of the SM's remuneration and the severance of that relationship would have to result in an increased management fee –…
Re: Conflict of Interest – Insurance
Webwrx, This is very unusual, as most the time a Strata Manager will pass the claim straight to the Broker to seek a response from the insurer rather than being…
Conflict of Interest – Insurance
Is it just me, or are others also concerned that the usual 20%~25% kickback on insurance premiums received by Strata Managers constitutes a very serious conflict of interest which few…
Strata Mortgage Protection Insurance
I recently discovered by accident that my Mortgage Protection Insurance for my Strata Unit was only available as an add-on to Contents Insurance. This requisite had been insituted at some…
Re: Common Property Insurance – Commission.
What a great idea!! I wish that I was a Licensed Strata Manager instead of a Chartered Engineer (Ret'd) trying his best to be one, and to be an Accountant,…
Re: Leaking Toilet Pan – O/C’s Insurance?
Thanks Mr Strata, I've had a look at our Insurance Policy and have contacted our Insurer (a 3 letter acronym starting with “C”) to confirm that “Lot Owners Fixtures & Improvements”…
Re: Common Property Insurance – Commission.
Obviously any self managed strata plan is disadvantaged by this sort of “kick back” scheme. Here is an idea; how about next year at the AGM the SP resolve to…
Re: Leaking Toilet Pan – O/C’s Insurance?
Whale, The more important question is whether or not the leaking toilet repair is claimable on your OC’s insurance policy. If it is a matter of maintenance then this will…
Re: Leaking Toilet Pan – O/C’s Insurance?
Under s.81 in the Act, and in context of your question, it appears that you may have a claim. You will have review the insurance policy to determine whether “owners fixtures”…
Leaking Toilet Pan – O/C’s Insurance?
I've just received a request from a Property Manager to repair a cracked toilet pan within a Rented Unit, and to claim that repair / replacement on the O/C's Insurance.…
Re: Common Property Insurance – Commission.
Thanks Mr Strata, To clarify, I am dealing directly with Insurers who would pay me 22% of our Plan's Premium as a commission IF I was a Licensed Strata Manager…