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FAQ’S

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 factors contribute to the premium?

In general, strata insurance costs the same or less for each unit owner than the premium paid by the owner of a stand-alone residence or building in the same area.

Each strata insurer develops and offers a unique commercial product in accordance with its underwriting appetite. Some common factors contributing to the premium include:

Mandatory requirements of state-based law

Government taxes on insurance (stamp duty duty and GST)

The age and condition of the building

The replacement cost of the building

The risk profile of the location

The claims history of the strata complex

The vulnerability of the insured property to an insured event (age, building codes, building design and materials)

Commercial activities carried out on the premises, such as holiday letting Fee and commissions from agents

The level of excess payment selected by the body corporate, payable at the time of a claim

Fee and commissions from agents

The costs of common property, for example car parks, stairwells, fire protection systems, lifts and pools

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.

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.

FIDELITY GUARANTEE

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

OFFICE BEARER'S 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.

LIABILITY

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

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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1300 446 787

Consolidated Insurance Agencies Pty Ltd
AFSL 245584
ABN 50 006 524 081

insure@ciainsurance.com.au

332 South Rd,
Hampton East. 3188

Strata Protect is a product and brand of CIA Insurance.

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Disclaimer : The information provided by Consolidated Insurance Agencies Pty. Ltd. on this website is for general information purposes only, and it is not a substitute for professional advice. You should always consider the PDS/Policy wording before making a decision. Coverage may differ based on specific clauses in individual policies. Refer to the FSG on our website or by requesting a copy for our services and remuneration details.