Navigating the unique world of mandatory strata insurance requires specialist knowledge of relevant state or territory strata legislative requirements, all the Australian and international strata insurance policy options available and expert advocacy for claims in the best interests of strata owners.
Specialist strata brokers are qualified and have niche expertise. They will offer to guide and support strata committees – the volunteers who take on responsibility for evaluating the choices and making the best-informed decisions to protect the interests of all owners.
Choosing an appropriately qualified specialist broker will give your strata scheme peace of mind, knowing that the level of risk for your scheme has been expertly assessed, understood and explained to you.
Strata committee insurance responsibilities
The committee is charged with important insurance-related responsibilities, which include the following.
- Insuring for full replacement value – understanding all owners’ joint and several liabilities.
- Recognising issues related to the site plan, property boundaries or construction (like defects, flammable cladding, asbestos etc).
- Understanding relevant disclosures, including past claims experiences, rectification and/or mitigation works etc.
There’s also the unique committee-based decision-making process. Making informed decisions for the adequate protection of all owners in their best interests and finding greater peace of mind comes through working with experts.
This is where you’ll find partnering with a specialist strata insurance broker of great value for your strata community.
A complex, changing environment
Strata insurance choices are becoming harder to find, with some insurers declining to provide quotes for certain types of properties. Maybe there are building materials deemed hazardous or ‘risky’, or location-based exposures such as cyclones, floods, bushfires, earthquakes or poor claims history.
Reinsurance market costs, climatic events, building defects and cladding risks have seriously impacted insurance affordability and availability.
Plus, significant claims for storm damage, water damage and fire damage have led to premium increases, special policy conditions or exclusions and higher excesses being applied in many instances.
An experienced and specialist strata broker, such as BCB, can help you make well-informed decisions by navigating the complexities between available policies and reducing the risks in choosing the right level of protection.
We not only act on your behalf to represent your best interests with specialist insurers but also work closely with the strata management industry to help implement measures to mitigate premium increases, and improve policy and claims outcomes for all insurance buyers in strata communities.
A partner through the policy lifecycle
There are many benefits to having a specialist broker with you for your entire insurance journey – from policy commencement and claims advocacy and management, to mid-term adjustments for policy updates and renewal.
- Knowledge of replacement value and other sums insured to be regularly reviewed.
- Help to identify areas of risk, eg common vs personal property, machinery breakdown and recommend policy extensions or specific policy solutions other than strata insurance such as Landlord or Contents covers.
- Provide an added layer of security, knowing that your strata scheme’s unique requirements are being reviewed by professionals who will update you with significant changes that could affect the policy.
- Strong relationships with insurers mean brokers can often access policies not available directly to customers and at better rates.
- Undertake a comprehensive review of available data for your strata scheme to provide the correct information and reports to insurers and negotiate the best policy conditions, reducing unnecessary excesses and exclusions.
- Access to a team of experts who provide a full claims management service, presenting a claim to the insurer in the most favourable way to facilitate a prompt and uncomplicated settlement.
- A single point of contact, managing all communication with insurers and any third-party specialists, like loss adjusters.
Speak to us to find out more about how we can help you.
