Our strata complex has 41 lots of low level units. Is it true that insurance companies will refuse to offer insurance for the complex unless the new 10 year plan is instituted by the council of owners?
If your building has defects or other issues and there is a maintenance plan in place that may be a condition imposed by insurers.
We are not aware of insurers imposing a requirement to complete a ""10 year plan"" in order to obtain insurance.
If your building has defects or other issues and there is a maintenance plan in place that may be a condition imposed by insurers.
If there are no building issues/defects and the policy does not require this, I would suggest asking the person who advised of this requirement to point to the specific policy terms and conditions that require this.
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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