To improve an owners corporation’s claims history, are owners corporations fixing water damage issues rather than claiming the repair on strata insurance? In what instance is this an option?
Particularly where an owners corporation is trying to improve its claims history, there will be instances when an owner or owners corporation will decide it’s not commercial to lodge a claim.
Where an owners corporation is trying to improve its claims history, there may be instances when an owner or owners corporation decide it's not commercial to lodge a claim.
Likewise, in some instances we advise some clients to refrain from making a claim when the claim is only a few hundred dollars. In this instance, there's no benefit. It costs the insurer more to administer the claim than what they pay out.
For significant claims, it can be a commercial decision of the owners corporation whether they want to step in and pay for the repairs. There can be an argument that the owners corporation cannot pay for repairs inside a lot, so that's another consideration concerning water damage claims.
Particularly where an owners corporation is trying to improve its claims history, there will be instances when an owner or owners corporation will decide it's not commercial to lodge a claim.
If an owners corporation is looking to not lodge a claim, we recommend seeking advice from your insurance adviser on this.
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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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