Insured/Uninsured Risk Check List
Strong Insurance PTY LTD
Along with your documents and policy wording which includes cover inclusions & exclusions, this document provide information relating to certain covers you may have elected to include, reduce, or exclude. Please check the schedule of insurance attached to your quote, (or attached to your Tax Invoice for policies on cover), to ensure you have elected covers that fit your requirement. If you would like more information on any sections of cover, or would like to add cover, please contact our office on 1800 934 099 or via email.
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STRATA BUILDING SUM INSURED
The Sum Insured includes the total amount for all lot owners, the sum insured needs to be adequate for replacement and in line with your valuation. If you are unsure about your required building sum insured, it is advisable to engage a professional to do a building valuation on the premises. You can also use online calculators to assist in your decision making.
BUILDING MATERIALS (INCLUDING EPS AND ACP)
Insurers reserve the right to accept cover or refuse based on if the premises fitting their requirements. It is important you provide accurate information in relation to your building’s construction. Some materials may require special approval from the insurer or cover may be rejected. EPS and ACP are some examples of materials that would void your insurance. If you have these materials present in your construction, please contact our office to advise, as we will need to discuss this with the insurer. If you are unsure of the materials present in your construction, you will need to get a professional to advise.
STRATA FLOOD COVER
Protection against financial loss due to property flooding from natural water sources.
This coverage may include:
- Damages to the property, including common areas and private lot structures.
- Compensation for flood‐damaged shared contents
- Coverage for loss of rent and temporary accommodation expenses
STRATA ADDITIONAL CATASTROPHE COVER
Extra coverage for situations declared as a catastrophe by the Insurance Council of Australia (ICA). This comes into effect after the building's insured sum is exhausted, typically due to increased costs during a disaster.
It may cover:
- A percentage‐based increase to the building's insured sum
- Extended coverage for loss of rent or temporary accommodation
- Removal and storage of undamaged insured property
STRATA UNIT OWNERS FIXTURES AND FITTINGS
Coverage for additional permanent fixtures and fittings (excluding floating doors) that become legally part of the building. This is typically activated when the individual unit's value exceeds the amount insured under the building sum due to renovations.
STRATA PROPERTY OWNERS LEGAL LIABILITY
Coverage protecting landlords and property owners from claims related to legal liability for injuries, illnesses, or damage to people or property occurring at the insured address. State legislation generally sets the minimum required for Strata Plan’s. You should always check your states requirements to ensure you are covered for the required amount.
STRATA INSURANCE ADDITIONAL SECTIONS
STRATA VOLUNTARY WORKERS PERSONAL ACCIDENT
Coverage that provides monetary compensation to individuals who suffer accidental injury or death while working as authorised volunteers for the Strata Corporation, without payment. This may be mandatory in your state. You should check your state legislation if required.
STRATA FIDELITY COVER
Coverage protecting Lot Owners against loss of contents or money resulting directly from fraud committed by an employee, partner, contractor, or volunteer.
STRATA OFFICE BEARERS LIABILITY
Coverage for legal fees in the event that a committee member of the Body Corporate faces a lawsuit for wrongful acts or errors made while representing all owners of the Body Corporate.
STRATA MACHINERY BREAKDOWN COVER
Coverage for the repair or replacement of unforeseen breakdowns, collapses, or explosions of nominated machines. Check the limitations and exclusions of your policy wording (PDS) to ensure you are covered for machinery at the premises. If you need additional cover, the machine can be nominated and this section of cover can be added.
STRATA GOVERNMENT AUDIT EXPENSES, HEALTH & SAFETY LEGAL EXPENSES COVER
Coverage for costs related to audits, legal defence, and appeal expenses in certain events against the Strata Plan.
STRATA CYBER COVER
Coverage for losses due to hacking, theft of personal data, or IT infrastructure failure. This coverage may include: First‐party coverage, which protects the strata company from expenses resulting from a data breach or hack. Third‐party coverage, which protects against legal cases brought against the strata company by affected parties for allowing the breach to occur. See policy wording for full details as claims relating to this component of cover requires some precautions to be in place and evident.
