When looking to understand these regulatory changes and assess your relevant insurance options, you can use the experience and knowledge from a broker to keep up to date with an evolving market place and to understand the risks you need to be aware of.
In recent years NSW has regulated the following:
- The required insurances your property needs.
- The number of quotations and options you must seek from the marketplace.
These regulations were developed against the backdrop of new state Strata laws, effective from 30 November 2016, and the new Building Defect Bond which commenced on 1 Jan 2018.
What does Strata Insurance cover in NSW?
It is important to note that not all policies are created equal. You can speak with our insurance specialists 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.