Can the committee be held accountable for providing an untrue report for insurance renewal? What can owners do to prevent this from happening?
Make sure the committee is not coming up with that figure themselves.
The most important thing here is to ensure the committee is not coming up with that figure themselves. The committee could be liable if they've come up with that figure themselves.
It's important to engage an independent professional to come up with that figure. Also, ensuring the professional has suitable professional indemnity insurance is important. That way, even if their assessment comes up and you are underinsured, at least you are covered by that professional indemnity insurance in the worst case scenario.
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Zac is a Certified Quantity Surveyor of the Australian Institute of Quantity Surveyors. He has over 15 years experience consulting to the Strata industry, all over Australia. He founded GQS in 2017 through relying on his expertise and experience across many facets of Quantity Surveying and has since led the team to now have consulted to over 10% of all community title schemes in QLD. He has a reputation for a highly professional results-driven approach and has led project teams on the firm’s largest and most challenging projects. He is committed to helping his clients and ensuring they receive maximum benefit from GQS' experience and data led approach. Zac is very passionate about what he does and how his team can benefit a property with certain and accurate advice.
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