The prescribed requirements for insurance in the ACT include that of Building Insurance and Public Liability, although the insurance markets make available a wide array of coverage options.
In trying to understand regulatory requirements and assess these coverage options, it will likely assist to utilize a broker’s knowledge and experience to remain current on the evolving marketplace and key risks to be aware of.
What does Strata Insurance cover in the Australian Capital Territory?
It is important to note that not all policies are created equal. You can speak to a specialist to ensure your property needs are being addressed and delivered. Key coverages to understand and consider as follows:
Building and Common Property
Protection for the common and physical assets against accidental loss of damage.
Indemnifies the Owners Corporation against Legal Liability towards personal injury or property damage.
This section of cover provides compensation for loss of income to a person, or their estate, when they sustain bodily injury whilst voluntarily working on behalf of the Body Corporate.
Office Bearers Legal Liability
Protects office bearers and committee members against legal liability to pay compensation for wrongful acts, errors or omissions in carrying out their duties.
Provides protection against the fraudulent misappropriation of funds.
Protecting your machinery, plant and equipment from unforeseen loss and breakdown events.
Protection against the sudden escalation of building costs and time to reinstate following a declared catastrophic event.
Legal Defence Costs, Government Audit and Health & Safety Breaches
Coverage and protection for professional fees and legal expenses in defending actions brought against the Owners Corporation.
Honan maintains strong links to the nation’s capital and has leading broking staff and legally qualified claims technicians, who are ready to provide you with specialist advice and tailored services that suit your needs.