Insurance

Each body corporate must have an insurance policy. The Body Corporate and Community Management Act (QLD) 1997, The Strata Schemes Management Act 1996 in NSW and the ...continue reading Introduction Each body corporate must have an insurance policy. The Body Corporate and Community Management Act (QLD) 1997, The Strata Schemes Management Act 1996 in NSW and the Owner ...continue reading Introduction

Types of Building Insurance Each body corporate must have an insurance policy, and the nature of the coverage will be defined in that policy. The policy must meet ...continue reading Compulsory Body Corporate Insurance

With building insurance there is a distinction between the insurance requirements for different types of community titled property.  The different types of community ...continue reading Building Insurance

For building format plan lots, the body corporate must insure the building, which includes all the lots that are within the building.  

The body corporate does not have an obligation to insure the structures on standard format plan lots with no common walls. The owners of these lots should ensure them ...continue reading Standard Format Plan Lots with No Common Walls

For a standard format plan the body corporate must insure any building with a common wall with another lot.  

Where the body corporate insures a building, the “building” includes improvements and fixtures. Examples of these are – Out buildings Closed in ...continue reading What is a Building?

The insurance for these buildings must cover damage. This means – a)        Earthquake, explosion, fire lightening, storm, tempest and water damage; and b)       ...continue reading What Risk Must Be Insured?

Risk Management - How It Affects Your InsuranceCourtesy of CHU Insurers have been combating bodies corporate apathy towards risk management for many years. The ...continue reading Risk Management

The owner of each lot that is included in the Scheme is liable to pay a contribution levied by the body corporate that is a proportionate amount of the premium for a ...continue reading Paying Premiums

Where owners of “free-standing” buildings created under a standard format plan choose to participate, the body corporate may decide to insure the buildings within those lots. This may result in a saving for those owners over them obtaining individual policies.  

Where an owner has a lot, created under a standard format plan, where the building upon it is freestanding, then that owner must insure both the building and the ...continue reading Owner's Insurance Responsibilities

The body corporate insurance policy will often contain a clause requiring the payment of an excess, in the event of a claim. Where the damage affects only one lot then ...continue reading Insurance Excesses

The original owner must ensure that when the scheme is established, the scheme must be insured for full replacement value. The original owner must obtain from a ...continue reading Responsibility of original owner