Strata

What makes strata insurance different

Strata insurance is governed by state-based strata legislation, which prescribes minimum cover requirements, valuation methodologies and obligations around annual review. The body corporate has a statutory obligation to insure the building — and personal liability for the committee members if it fails to do so adequately.

What risks we manage

Building cover — covering the common property, shared structures and building services for the full replacement value as determined by a registered valuer. Includes demolition, removal of debris, architects' and engineers' fees and council compliance costs.

Common property contents — covering fixtures, fittings and equipment owned by the body corporate, including lifts, pools, gym equipment and common area furnishings.

Public liability — covering the body corporate's liability for bodily injury or property damage occurring on common property.

Office bearers' liability — covering committee members' personal liability for decisions made in their capacity as body corporate office bearers.

Voluntary workers' personal accident — covering injury to volunteers performing maintenance or administrative tasks on behalf of the body corporate.

Machinery breakdown — covering lifts, air conditioning, fire protection systems and other building services machinery.

‍