Question: Owners are asked to vote at our upcoming AGM on a new insurance policy. Is this a WA strata insurance requirement?
Answer: Owners don’t have to vote on the insurance renewal, but the certificates and schedules for the strata company’s required insurance must be presented at each AGM.
Strata insurance policies are typically arranged for a 12-month period.
In Western Australia, the Strata Titles Act 1985 (the Act) requires the certificates and schedules for the strata company’s required insurance to be presented at each annual general meeting. The Act does not require owners to vote on the insurance renewal itself.
Depending on the arrangements within the strata company, the council or the strata manager may arrange the renewal on behalf of the strata company. However, owners may still choose to consider the insurance arrangements at a general meeting or direct the council by resolution if they wish.
The important requirement is that the strata company maintains the required insurance and that the current insurance details are presented at the AGM.
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.
This post appears in Strata News #811.
Tyrone Shandiman
Strata Insurance Solutions
E: tshandiman@iaa.net.au
P: 1300 554 165
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