Under what circumstances is a Strata Corporation in South Australia required to be covered by fidelity guarantee insurance?
There is no specific requirement to take cover out under strata legislation in any state or territory in Australia.
Fidelity guarantee insurance covers embezzlement, theft misappropriation, conversion or fraud relating to the body corporate funds and assets such as your sinking and administration fund.
There is no specific requirement to take cover out under strata legislation in any state or territory in Australia, however some insurers will offer the cover automatically with no provision to opt out of the cover.
If you are lodging a claim for fidelity cover, most policies will require that you lodge the claim within 12 months of the policy expiry and some policies in the market will provide cover for auditor’s fees.
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Tyson D’Sylva is an experienced strata manager with ACE Body Corporate Management in South Australia. Since entering the strata industry in 2002, he has built a strong reputation for relationship management, customer service and practical community support. Tyson holds a Diploma in Business Management and body corporate / real estate industry qualifications and continues to maintain professional standards through ongoing ACE and industry training. Tyson brings a service-focused, solutions-based approach to strata management. He is also involved in volunteer work, networking, self-development, and is an amateur astronomer.
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