Strata Protect Insurance

Strata Protect

STRATA INSURANCE

AT A GLANCE

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What is Strata Insurance?

Residential Strata - Owners of a townhouse, unit, or apartment. Commercial Strata -  Owners an industrial, commercial or retail units.

For commercial or residential, if you’re sharing common space with others, you don’t want to be left to foot the bill if there’s damage to shared parts of the building or items.

Strata insurance protects the building and common areas or facilities, with the premiums paid for by the owner’s corporation.

Who should consider it?

Strata insurance is compulsory in every state - so for commercial or residential, the owner’s corporation will need strata insurance.

A Consolidated Insurance Broker can arrange strata insurance on behalf of the owners’ corporation.

As a strata owner, you also have a share of an unlimited liability for anything that goes wrong, which is why strata insurance is compulsory in every state and territory.
Strata Community Association

Did you know?

Strata insurance premiums vary, depending on the level of risk exposure of the area where the building is located

According to the Insurance Council of Australia, many strata schemes pay around a third of the premiums of an equivalent stand-alone home policy

The number of apartments in Australia is increasing - with a 30.6% rise in apartment approvals predicted in November 2017

What can it cover?

Strata Insurance can cover the building of all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on
the kind of building, where it’s located and the amount of common property you share.

What usually isn’t covered?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:

Asbestos or asbestos derivatives

Erosion or earth movement

Certain property features such as fencing

Contents within apartments

Key Policy Benefits

BUILDINGS & COMMON CONTENTS

Your Buildings and Common Contents are covered for accidental damage, physical loss or destruction of property by any cause not otherwise excluded in the PDS and policy wording.

GLASS

Your Property is provided cover for Breakage of internal or external Glass. This insurance is extended to include the additional benefits of building & common contents.

THEFT

You are provided cover for Loss or Damage to Your Insured Property occurring as a result of theft or attempted theft. Additional Benefits include those of buildings & common contents, as well as Loss of Keys.

LIABILITY

The Owners Corporation/Body Corporate is provided cover for their legal liability following an event that causes Personal Injury or Property Damage.

FIDELITY GUARANTEE

You are provided cover for loss that is incurred as a result of fraudulent Misappropriation of funds. Addition

OFFICE BEARERS’ LIABILITY

Committee members are provided cover for Loss arising from a Wrongful Act which results in a Claim.

GOVERNMENT AUDIT COSTS

Government Audit Costs include the reasonable and necessary Audit costs incurred due to an investigation of your financial affairs by a Government body.

WORKPLACE, HEALTH & SAFETY BREACHES

You are provided cover for Legal Expenses you incur in appealing against any imposition of an improvement or prohibition notice or determination made under any Workplace, Occupational Health and Safety or similar legislation. This section of the policy is extended to also include Continuous Cover.

LEGAL EXPENSES

Legal Expenses provides cover for costs you are liable to pay following legal proceedings brought against you. Legal Expenses is extended to also include Continuous Cover and Appeal Proceedings.

MACHINERY BREAKDOWN

You are provided cover against sudden and unforseen physical destruction or physical damage to Machinery that requires repair or replacement to enable normal working of the Machinery to continue. This section of the policy provides Additional Benefits for Hire of Temporary Machinery, Expediting Costs and cover for Additional Machinery.

VOLUNTARY WORKERS

Voluntary Workers cover provides monetary benefits in accordance with the Schedule of Benefits of your policy in the event that a Voluntary Worker is injured or dies as a result of an accident while carrying out that voluntary work.

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