Strata insurance & claims management
The Strata Titles Act 1998 requires you to insure your development for its full reinstatement value (the cost to rebuild it in the event of a total loss).
Terrace is an authorised representative of GI Insurance Brokers Pty Ltd ABN. 26 638 733 070, AFSL No. 521808, trading as Strata Insurance Brokers Tasmania (AR Number 001281959).
We are insurance brokers too (see below). Our managing director, Sally Bevis, has been an insurance broker for 25 years, specialising in claims management and strata insurance. We’ll get three quotes at every renewal to ensure your policy is competitive and comprehensive, and we’ll manage your claims from start to finish.
Strata insurance covers the entire development for accidental damage (see the policy wordings for limitations and exclusions), including the units and the common property. It also covers the body corporate for public liability associated with the common property. You should obtain advice from your insurance professional about property owner’s liability, business, contents or landlord’s insurance.
The cost to rebuild in the event of a total loss is a lot different to the cost to build a new development. We’ll arrange a strata insurance valuation to make sure your sum insured is right.
We’ll also get three quotes at every renewal to make sure the insurance continues to be comprehensive and competitive.
We have tailored by-laws drafted by Ian Cornelius of Draftaplan. Ian worked in and around the Land Titles Office for more than fifty years, and has seen first-hand what causes disputes. In our experience, Ian’s by-laws are the cornerstone of a cohesive and harmonious body corporate. They clearly set out each owner’s rights and obligations, and allow us to avoid conflict.
Our by-laws allow pets, which are otherwise not permitted without body corporate approval.
They also allow us to conduct business and run meetings by email which means we can make decisions straightaway. It also gives every owner the opportunity to have their say in every decision, whether they live locally, interstate or overseas.
Our managing director is a trained mediator and draws on her experience to set things up and create a harmonious culture from the outset, to avoid conflict.
From time to time, issues arise and we liaise between owners to put things right and smooth the waters.
In the unlikely event that a dispute occurs, we can mediate or facilitate an application for relief to the Recorder of Titles to resolve it quickly and painlessly.
At settlement, your purchasers’ lawyers will send you “Requisitions” which ask up to 25 questions about the body corporate. We’ll answer them for you and provide the following documents
The insurance invoice and certificate of currency. Your purchasers will reimburse your for their share of the premium at settlement.
The budget and levies. The levies get paid by your purchasers at settlement so that they don’t have any more expenses during the first year