Question: Does the insurance policy require being voted for at an AGM, or is it the responsibility of The Council of Owners? What are our strata insurance requirements in WA?
Answer: The Strata Titles Act 1985 (STA) s127(c), outlines the matters for an AGM.
The Strata Titles Act 1985 (STA) s127(c), outlines the matters for an AGM. Which includes presentation of copies of insurance certificates and schedules for Required Insurance as per the STA requirements.
At the AGM the owners give direction to the Council how they wish to insure the buildings after the required and desired building coverages has been considered.
Where there is a strata manager involved, they will arrange renewal documents to be sent, obtain quotes and arrange a valuation etc. if required and send to the Council seeking instructions and approval from them. The Council has the authority from the General Meeting to make these instructions to the Strata Manager or in some cases directly with a broker or insurer, if a strata manager is not involved.
This post appears in the March 2021 edition of The WA Strata Magazine.
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.