Will any insurers deal directly with an owners corporation with a high-risk commercial tenant?
Our owners corporation has a high-risk commercial tenant. Are there any insurers that deal directly with the owners corporation? Our strata manager and broker are only offering one option for insurance. Most of their panel of insurers will not insure us because of one owner's tenant. This has resulted in an enormous increase in our insurance costs and, of course, the commission we pay.
I started looking into obtaining our own insurance as we thought it might be more cost-effective. I found that most strata insurance companies only deal with brokers, trapping us into a really bad deal.
Most of the commercial strata options are with insurance brokers.
The direct market usually insures retail clients, and most of the commercial strata options involve insurance brokers.
You may be able to go to CHU or Strata Community Insurance for assistance as a direct option. However, in this instance, the commercial market currently favours the broking market.
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 and the specific coverage afforded under their policy wording. 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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