Strata Insurance - Commercial and Domestic
Each state in Australia has different legislative requirements around its Strata title properties. Strata managers and Body Corporate need to ensure that they receive the best advice as some policies meet only the minimum compulsory inclusions of cover, and so it is important to have an experienced broker to make sure your you are adequately covered physically and legally. In addition to this, strata policies often list certain exclusions, such as cover against flood damage; so it is even more imperative to have a knowledgeable broker to advise you, and negotiate with the insurers to put together a policy that meets all your needs.
At Driessen Insurance brokers we will tailor solutions for you for any Strata Insurance that you may require.
Who needs it
If you own a property within an apartment block
If you own a townhouse, villa or duplex;
If you own a factory, warehouse or storage unit;
If you own a retail shop or office.
Strata Policies
Residential & Commercial
Also known as Body Corporate, it is general insurance that covers common or shared property which is managed by a Strata Title or Body Corporate entity.
Company Title
Company titles is a form of ownership that pre-dates strata titles. With company title the owner does not have title to real estate but owns shares in a company
Community Associations
Community associations are similar to strata title but is typically defined by surveyed land measurements, rather than a space with a building or on land.
Type of Strata Insurance Cover
Building
Building covered means building as defined in the Strata legislation applying where your building is situated
Common Area and Contents
Provides cover for the area in your situation that is not part of any lot/unit. Also covers common contents that are contained within common areas.
Legal Liability
Indemnifies the Body Corporate as property owners for legal liability to pay compensation for personal injury or property damage.
Machinery Breakdown
Provides protection against unforeseen damage to Body Corporate machinery.
Lot owners- fixtures and improvements
Accidental loss or damage to improvements installed by owners that may not have been included in the building valuation
Catastrophe
Protection against sudden escalation of building costs following a declared catastrophic event.
Voluntary Workers
Provides compensation for loss of income or monetary benefit to a person who sustains bodily injury while voluntarily working on behalf of the body corporate
Workers Compensation
Indemnifies the Body Corporate as employer for legal liability to employees under Workers Compensation legislation. Only in ACT, WA, TAS and NT
Fidelity Guarantee
Provides protection against fraudulent misappropriation of Body Corporate funds or property.
Government audit costs, common property, health & safety breaches and legal defence expenses
Cover for professional costs and legal expenses.
Office bearers liability
Protects office bearers and committee members against legal liability to pay compensation for wrongful acts, errors or omissions in carrying out their duties. Not covered for company title policies.
Other Policies Available:
Contract Workers/ Construction Insurance
Home and Contents Insurance
Landlords Insurance
Private Motor Insurance