Cover for Building and Common area Contents, Loss of Rent, Legal Liability, Voluntary Workers, Fidelity Guaranteee, Office Bearers Liability & Workers Compensation.
Residential Strata Insurance covers the residential block of units which is reagistered as a strata plan or company title.
Building Insurance - This covers the building structure and any fixture & fittings.
Common Contents - Covers any contents in the common areas which the strata/company titles is responsible for which includes carpets in the hallways.
Temporary Accommodation/Loss of Rent - This section covers you if your unit is deemed uninhabitable caused by an insurable event which there is a current claim for. The unit owner can claim for loss of rent if they rent out the unit and temporary accommodation if they occupy the unit for the period the unit is uninhabitable, if the claim is for temporary accommodation they will be able to claim up to the rental value of the unit if it was to be rented out.
Catastrophe Cover - In the event of a natural disaster where the government has deemed it a catastrophe, if the building has experienced a total loss or partial loss and the building sum insured has been exhausted, cover will be granted under this section of the policy limited to the amount on the schedule.
Fidelity Guarantee - Covers the loss that the Owners Corporation incurs as a result of fraudulent embezzlement or fraudulent misappropriation of their funds. The loss must be caused by a person who has responsibility to care and protect the funds.
Office Bearers Liability - Office Bearers Liability will protect the committee members for loss arising from wrongful act which results in a claim.
Voluntary Workers (Personal Accident) - Provides compensation to a voluntary worker who sustains bodily injury.
Public Liability - Covers the owners corporation for their legal liability following an event which causes personal injury or property damage if you are found negligent.
Machinery Breakdown - Provides cover against unforseen damage to machinery. A current comprehensive maintenance agreement may be required to be in place.
Depending on the insurer you have the option to select extra cover such as, paint cover, floating floorboards and flood cover.