NAT: Cash settlements for strata insurance claims

This National article is about cash settlements for strata insurance claims.

Video: Pros and cons of Cash Settlement claims in strata insurance

In this short video, Tyrone Shandiman from Strata Insurance Solutions joined Nikki Jovicic from LookUpStrata to discuss the pros and cons of cash settlements for insurance claims.

The video discusses:

1. Pros and cons of cash settlements for insurance claims
2. What is a cash settlement?
3. What are the risks of accepting a cash settlement from the insurer?
4. When are cash settlements acceptable?
5. What is the correct process once you’ve accepted a cash settlement? When should the money be released to you?
6. If a lot owner takes a cash settlement, does that impact the strata insurance policy?
7. Can an owners corporation or body corporate accept a cash settlement for works on common property?
8. Why are insurance brokers pushing cash settlements? Are brokers incentivised to fast-track the claim by offering a cash settlement?

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 #683.

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