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Here in Victoria the insurance for our little block is due soon and noting the recent ‘confusion’ about insurance for home businesses I have provided the details to our insurance broker.
Basically one owner runs a small on line consulting business from home. A few international, interstate and intrastate clients serviced via telephone and Zoom. None of them ever come to the residence.
Not an issue for anybody here because there is no physical affect on our OC, except for the possible sting in the insurance premium. We don’t want an egg seller scenario should we need to make a claim on our insurance.
If the broker says there will be an increase in the premium because of the home business are we able to directly levy the business owner with the additional fee once quantified by the broker?
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If the broker says there will be an increase in the premium because of the home business are we able to directly levy the business owner with the additional fee once quantified by the broker?
In both Victoria and Nsw, if a part of the insurance premium is raised due to the activity in one lot, then that owner can be charged the difference.
However, I can’t see that an insurer would justify an increased premium in the circumstances you described. Good that you came clean, though. Failure to report can void some insurances, even if the claim has nothing to do with the unreported issue.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
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