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Our strata managers have obtained 3 quotations for insurance from their insurance broker ranging in price from $34K to $39K. We have been with the same insurer for 10 years. I had my business insurance broker get a competitive price and his price for exactly the same cover was $4K cheaper than the lowest quote and $9K cheaper than the highest. My business insurance broker got his price from the same insurer as the Strata Manager and declared in the quotation his commission would be $250.
Is there any duty of disclosure for our Strata Managers to inform the executive committee of commissions they receive for placing our business with different parties?
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