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Topic
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We are a small strata block in Queensland – 7 owners. 1 owner has an insurance claim that is in abeyance as the owner has not responded to the broker. As a result our Broker has advised that unrepaired damage at the property they will have difficulty in finding alternate insurers interested in providing quotes. This claim has now prevented us in getting competitive quotes for last 3 years. Is there any action we can take with the broker to move this claim on. Our insurance premiums are out of control
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This is a serious problem. Under QLD strata law it is mandatory to insure the strata building. If you don’t get your building insured, then you are breaking the law. If something happens to your building, then you will be in real trouble, and if your building is destroyed or damaged, by fire, flooding or a cyclone, all common in QLD, then you could lose everything.
There are several insurance brokers, so you should approach another one, for them to see if they can get your building a policy. But an unresolved dispute that has festered for years is liable to not attract much interest, and what offers you might get will be very very expansive.
You need to resolve that dispute! Get the owners together and fix it. That may mean going to the QCAT:-
https://www.qcat.qld.gov.au/case-types/community-living-and-body-corporate-disputes/body-corporate-dispute-process
Get advice from your strata manager. Or if your building doesn’t have one, or the one you have is useless, then get a good one. Or (slightly tongue in cheek), sell up, if you can!
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