How Strata Insurance Can Help Owner Corporations

By Author: robert wilk14
Total Articles: 13
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Strata title is a kind of ownership device for multiple level apartment blocks which have shared areas and utilities such as foyers, stairs, elevation, car parks, landings, drive ways and equipment. Strata insurance aims to provide the mandatory insurance coverage for the buildings, owners’ liability, contents, loss of rent etc. There can be residential strata insurance or insurance for commercial buildings, retail spaces, serviced apartments, caravan parks, resorts and retirement villages.

Owners Responsibility
Owners of strata properties are responsible for having some insurance coverage for the main building, the outbuildings, workers’ compensation, voluntary workers coverage and public liability. It is their duty to see that all buildings in the strata are covered under the scheme.

A damage policy scheme with an approved insurance is required not only for the building structure but also common property fittings and fixtures such as hot water systems, carpets, light fittings, sinks, toilet bowls, cupboards, shower screens, stoves, internal doors, intercom systems and common air conditioning. The coverage ...
... costs have to include the costs for building replacement, debris removal, and fees paid to professionals such as engineers and architects. Coverage under strata insurance has to extend to public liability insurance against injury or death to a person or any damage to the property for which the owners can be held responsible.

Strata insurance also covers insurance that protects injured workers and employees from financial costs in any work related cause. It needs to be effected wherever Workers Compensation Law and Policy is applicable.

The owners association needs to have insurance against any damages that can be incurred by a voluntary worker on the job at the property site. A voluntary worker is one who does not receive any payment for the work done.

Other Insurances
Residential strata insurance and strata insurance also cover some other areas such as contractors insurance, bearers insurance and insurance against misappropriation of funds which covers fraudulent theft or embezzlement of the property’s funds by employees or office bearers.

Office bearers liability can also covered under this form of insurance. Yet another useful tool is coverage in case of flood damage.

Insurance companies offering residential strata insurance can compensate in case of damage to gardens, lawns, shrubs, trees and plants in the common area.

They will even pay for replacement of locks and keys in case they are stolen or lost.

Why it is Useful
Not only is this insurance mandatory by law, it provides some useful benefits to the owners’ corporation. The responsibility of payment for damages to common entities is fixed and adequately taken care of which can be of great relief for owners in an otherwise confusing scenario.

There are many insurance companies that provide this kind of insurance. Contact a reputed and reliable company today for a solution to all your strata insurance problems.

To learn more about Commercial Strata Insurance, visit oraclegroup.net.au where you will find everything you need to know about Hotel Insurance and much more…