Question: Is a self-managed strata entitled to a rebate from the insurance broker’s commission?
Answer: Your scheme can negotiate the remuneration structure with the broker.
You are entitled to negotiate with insurance brokers, especially if the strata scheme directly engages the broker. If the insurance broker pays a commission to strata managers and your self managed strata scheme engages them directly, your scheme can negotiate the remuneration structure with the broker. As is the case in any profession, you can negotiate fees.
This post appears in the May 2025 edition of The NSW Strata Magazine.
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.