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Home » Insurance » Insurance TAS » TAS: Strata Insurance Tasmania – for a small strata scheme

TAS: Strata Insurance Tasmania – for a small strata scheme

Published May 29, 2018 By Tyrone Shandiman, Strata Insurance Solutions 2 Comments Last Updated June 21, 2022

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This article includes a selection of Q&As from lot owners about strata insurance in Tasmania. What are the insurance requirements in a small duplex? How is strata insurance handled when each lot has their own garden space?

Table of Contents:

  • QUESTION: Where buildings are on separate titles, is an owner obliged to provide the body corporate with a copy of the policy, or other notification? We have 7 units on our plan with no shared roofs/walls. One lot owner is refusing to advise whether his unit is insured or not.
  • QUESTION: For our duplex with no common grounds, do we need strata insurance or can each owner take out building insurance?
  • QUESTION: We live in a strata development of twenty houses where each house is detached and surrounded by its own garden. Can you advise a company that will provide strata insurance for this type of strata scheme?

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Question: Where buildings are on separate titles, is an owner obliged to provide the body corporate with a copy of the policy, or other notification? We have 7 units on our plan with no shared roofs/walls. One lot owner is refusing to advise whether his unit is insured or not.

Answer: There is no requirement for owners to provide evidence of insurance for property they are responsible for insuring. The insurance arrangements are entirely a matter for the owner (including whether they insure the property or not).

Tyrone Shandiman
Strata Insurance Solutions
E: [email protected]
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.

This post appears in Strata News #578.

Question: For our duplex with no common grounds, do we need strata insurance or can each owner take out building insurance?

Answer: It is a requirement the body corporate take out cover for the property and liability under a strata policy.

The Strata Titles Act 1998 requires that the body corporate for a strata scheme must take out and maintain:

  1. a policy of insurance for the buildings and other improvements (if any) on the site. “Site” is defined in the act as the whole of the land included in a plan (including lots and common property).
  2. public risk insurance (also known as public liability insurance) over the site for an amount at least equal to a minimum prescribed by regulation.

With the above in mind it is a requirement the body corporate take out cover for the property and liability under a strata policy.

Section 103 has the following provision in the event the body corporate is in default of the above requirements:

Default by body corporate in relation to insurance

  1. If a body corporate is in breach of its obligation to take out and maintain insurance, the owner of any lot may take out and maintain the required insurance.
  2. The insurance may be taken out in the name of the body corporate or in the owner’s name.
  3. The costs incurred by an owner under this section may be recovered from the body corporate as a debt (and may be set off against any liabilities of the owner to the body corporate).

If you are having difficulty getting the other lot to pay for their contribution for insurance, you may wish to contact Department of Natural Resources and Environment Tasmania for further advice.

Tyrone Shandiman
Strata Insurance Solutions
T: 07 3899 5129
E: [email protected]

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 Advisernet Australia AFSL No 240549, ABN 15 003 886 687.

This post appears in Strata News #562.

Question: We live in a strata development of twenty houses where each house is detached and surrounded by its own garden. Can you advise a company that will provide strata insurance for this type of strata scheme?

We live in a strata development of twenty houses. Each house is detached and surrounded by its own garden. Each lot has its own title registered with the LTO. No two houses are the same and there is a big variance in the dimensions and value of each house.

The Body Corporate requires an insurance policy that covers Common ground, (public liability etc.) with individual insured values for each property. Can you advise of a company that will provide this as we have only been quoted with a blanket cover for the entire complex, which apparently assumes all the properties are of the same value? It seems that Strata insurance is targeted at multi-story complexes, which ours isn’t.  

Answer: The Strata Titles Act 1998 (TAS) requires the body corporate to take out and maintain a policy of insurance for the buildings and other improvements (if any) on the site.

The Strata Titles Act 1998 (TAS) requires the body corporate to take out and maintain a policy of insurance for the buildings and other improvements (if any) on the site. “Site” is defined in the act as the whole of the land included in a plan (including lots and common property).

Generally, Strata insurance is offered on the basis of a blanket sum insured and apportionment of costs (premium) is done by unit entitlements. Strata policies do not offer cover based on individual insured values for each property.

If the buildings do not share roofs/walls and the properties are on a separate title (not part of the plan) owners can insure their properties outside of strata insurance and on an individual home insurance policy, with the body corporate insuring common property and public liability on a separate policy.

Tyrone Shandiman
Strata Insurance Solutions
T: 07 3899 5129
E: [email protected]

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 Advisernet Australia AFSL No 240549, ABN 15 003 886 687.

This post appears in Strata News #425.

Read next:

  • Q&A: Body Corporate Rules Tasmania: How to secede from my body corporate
  • NAT: Q&A What does Public Liability Insurance Include for Strata Property?

Have a question or something to add to the article? Leave a comment below.

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About Tyrone Shandiman, Strata Insurance Solutions

Tyrone Shandiman began his insurance career in 2004 working in various roles within the financial services industry. In 2011, Tyrone established an insurance broking practice from his garage providing a wide-ranging service offering for general insurance. Since then, the business has grown to service over 500 clients, with a team of three and a strong specialisation in strata insurance making up 80%-90% of all clients. Tyrone services a range of clients from duplex’s to high rise building and multi-layered schemes and his services extend to providing a comprehensive review of the market for insurance renewals, managing complex claims and day to day enquiries and management of strata policies. Tyrone’s key focus in the business is building long term relationships by servicing clients in line with the core values advice, value, trust & choice. In 2016, Tyrone was awarded Queensland’s Young Insurance Broker of the Year, which is awarded to Insurance Brokers below the age of 35 who exhibit an outstanding level of professionalism and integrity. Outside of work, Tyrone has a keen interest in international travel, fitness, music festivals and the stock market.
Tyrone's LinkedIn Profile.

Comments

  1. John Packham says

    May 27, 2022 at 1:39 pm

    Have just found your interesting site.
    Where buildings are on separate titles, is an owner obliged to copy to the body corporate
    a copy of the policy, or other notification.
    7 units on plan, no shared roofs/walls one owner from NSW will not advise with documentation that his unit is insured..
    Act 1988 not much help.
    Appreciate opinion.

    How can I keep in touch?

    John

    Reply
    • Tyrone Shandiman says

      June 3, 2022 at 11:42 am

      Hi John

      We have responded to your comment in the article above.

      Reply

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