Our committee has gone to the BCCM to organise Alternative insurance cover for our North Queensland property, but were told they had to have insurance in place.
Our committee has gone to the BCCM to organise an Alternative cover for our 46 units plus restaurant, but were told they had to have an insurance in place.
We are now paying $355,000 for no cover for cyclones, storms or flood which in North QLD is a must. We are also paying a separate policy for public liability.
A full coverage was over $600,000 but this was dismissed by the Secretary.
Where to go from here?
It is recommended where the committee are unable to meet their requirements to insure in accordance with the BCCM Act, that owners are involved in any decision making about an insurance policy.
Can I recommend the owner is referred to the information in the article below.
It is recommended where the committee are unable to meet their requirements to insure in accordance with the BCCM Act, that owners are involved in any decision making about an insurance policy. The secretary may be exposing themselves to legal liabilities if on their own volition, they decide to dismiss a proposal of insurance that complies with the BCCM Act where there are no other compliant proposals up for consideration.
If the owner does not believe the committee or a committee member are acting reasonably with regard to the proposals of insurance, they can refer an application for the Commission to deal with a dispute in relation to the arrangement of insurance.
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 Advisernet Australia AFSL No 240549, ABN 15 003 886 687.
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Tyrone Shandiman is a seasoned professional in the insurance industry having embarked on his journey in 2004 within the financial services sector. In 2011, he established Strata Insurance Solutions, transforming a garage startup into a reputable firm servicing over 900 clients with a dedicated focus on strata insurance. Tyrone's role extends beyond managing operations and tackling complex insurance matters; he also founded the Australian Consumers Insurance Lobby, championing consumer rights within the insurance industry. Notably, his efforts and expertise have been acknowledged with numerous industry awards. Adding to these accolades, Strata Insurance Solutions was recently named an Australian Top Brokerage by Insurance Business Australia Magazine, a testament to the firm's excellence and leadership in the field. Tyrone is a regular contributor to LookUpStrata.
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