Insurance

The placement of insurance, compliant with the Act, to cover the full replacement value of improvements and the Legal Liability/ Liability to Others is of prime importance.

• We work closely with Corporate Home Unit Underwriters (CHU) who are the leading specialist insurer in the Australian market for Community Titled and Strata Titled properties with their polices backed by the strength of QBE Insurance (Australia) Limited.
• We also retain the advice and service of independent specialist general insurance brokerage /consulting firm – Webster Hyde Heath to assist in risk management assessment and placement of appropriate insurance cover.
• We handle the claim management process and liaise with claims assessors and loss adjustors to ensure that the Body Corporate or Member achieves the best possible settlement.
• We recommend that regular Insured Value Assessments be undertaken to ensure that the Body Corporate fulfils its legal requirements to insure for the full replacement / reinstatement value of the building and common area for Strata Titles, and of the common area and of the improvements on the individual Lots, if so determined by the Corporation (as outlined in the by-laws) for Community Titles.
• For more complex buildings and high rise developments we recommend the appointment of Quantity Surveyors as qualified persons to undertake Sum Insured Value Assessment using a defined event date and building reinstatement time scheduling.
• Interim Sum Insured assessment should be considered by applying an index related to building material and labour costs, normally referred to as the “at all tender cost”. MPG Corporation Managers recommend such review to be done at insurance renewal anniversary when a re-valuation or a professional Sum Insured Assessment is not being undertaken.