Strata Title / Body Corporate Insurance

The Insurance Every Plant & Equipment Needs to Know About

Brief Summary: Strata Title / Body Corporate Insurance is designed to protect the common property of a strata scheme, which is typically managed by a body corporate or owners' corporation. This type of insurance is essential for shared buildings and complexes, as it covers areas that individual unit insurance does not.

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What is Typically Covered:

• Building and Common Contents: Covers the repair or replacement of the building structure and common area contents due to events like fire, storm, or vandalism.

• Public Liability: Provides coverage for legal liability if someone is injured or their property is damaged within the common areas of the property.

• Office Bearers' Liability: Protects committee members of the body corporate against personal liability when carrying out their duties.

• Voluntary Workers: Offers protection for people who voluntarily work on behalf of the body corporate, such as gardening or maintenance.

• Fidelity Guarantee: Covers loss of money belonging to the body corporate due to dishonest acts by committee members or employees.

• Catastrophe Cover: Provides additional funds to cover costs if a major event, like an earthquake, affects the insured property.

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What is Not Typically Covered:

• Individual Unit Contents: Personal belongings within an owner's unit are not covered; unit owners need their own contents insurance.

• Wear and Tear: Gradual deterioration of the property over time is not covered.

• Defects and Poor Workmanship: Pre-existing defects or damage from poor construction or design are typically excluded.

• Asbestos Removal: Costs associated with the removal of asbestos may not be covered unless resulting from an insured event.

• Landscaping: Plants, soil, and landscaping features may not be covered except for specified events in the policy.