Question: Will insurance companies in the future require a copy of the 10-year maintenance plan for the renewal of the policy?
Answer: From a maintenance point of view the condition reporting section of the 10year plan is important as this highlights any aspects of the building that may need immediate attention.
I am unable to answer for the future. Presently however insurers ask many questions, before providing quotations and forthcoming renewal terms, so that they are satisfied issuing terms, after considering the property risk. Presently some insurers are asking questions, regarding any recent building reports and whether the strata is aware of any known maintenance defects, or new building defects, cladding and so forth.
From a maintenance point of view the condition reporting section of the 10 year plan is important as this highlights any aspects of the building that may need immediate attention. Depending on what that is, it may be something that you need to disclose to your insurer to ensure your cover is not limited or reduced, which could result if you did not disclose it to them.
This post appears in Strata News #461.
Leonie Milonas PSC Property Lync Insurance Brokers E: leonie@lyncinsure.com.au P: 1300 127 503
General Disclaimer: This response is prepared for informational purposes only and is a general response only. It is not insurance, financial or legal advice and should not be relied on as insurance, financial, strata or legal advice. Before you act you should seek specific advice by consulting with a qualified insurance advisor, a strata consultant or seek legal advice.