Question: How are claims for water damage handled in our Class B unit complex, especially in cases of multiple rain events?
In our Class B unit complex, where the owners corporation handles building insurance, but individual owners are responsible for their repairs and maintenance, how are claims for water damage handled, especially in cases of multiple rain events causing ongoing damage? Who determines the validity of a claim, and how are the responsibilities between the owners corporation and individual owners defined in such situations?
Answer: Policies will define what an “event” or “claim” is and, in some instances, will provide specific timeframes on when an event stops.
We recommend specific advice from your insurance broker. Policies will define an “event” or “claim” and, in some instances, will provide specific timeframes on when an event stops. If you don’t have an insurance broker, it would be advisable to read the policy conditions defining claims/events and excess provisions.
Tyrone Shandiman Strata Insurance Solutions E: tshandiman@iaa.net.au P: 1300 554 165
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisenent Australia AFSL No 240549, ABN 15 003 886 687.
This post appears in Strata News #717.