Strata Insurance

Experienced Strata Insurance Brokers — From Placement to Claims

Strata insurance is a specialist area of general insurance. Every property is different, and the insurance program should reflect the individual characteristics of the building, its occupancy, construction, sums insured, claims history and other risk exposures.

Insurance 2U works with strata managers, body corporates, owners corporations and committee members to arrange and manage insurance programs for both residential and commercial strata properties.

Our approach goes well beyond obtaining an insurance premium. We help identify the information insurers require, approach appropriate strata insurance markets, compare available terms and remain involved throughout the policy period — particularly when a claim occurs.

Strata Insurance Is More Than Comparing Premiums

The cheapest premium does not necessarily represent the most appropriate insurance solution. When reviewing a strata insurance program, we consider the overall risk and the terms being offered by insurers.

Depending on the property, this can include consideration of:

Building replacement value and declared Building Sum Insured
Residential, commercial or mixed-use occupancy
Construction type, age and number of storeys
Common property and common contents
Previous claims and loss history
Flood, storm, cyclone and other natural catastrophe exposures
Combustible cladding or other construction-related exposures
Swimming pools, lifts, gyms and other common facilities
Machinery, plant and equipment forming part of the common property
Commercial tenants and business activities within commercial or mixed-use strata properties
Public liability exposures
Loss of rent and temporary accommodation requirements
Catastrophe and additional rebuilding costs
Applicable excesses, sub-limits, exclusions and policy conditions

Our objective is to help the strata manager and owners understand what is being insured, the options available and the important differences between competing insurance terms.

Residential Strata Insurance

We can assist with insurance for residential strata schemes ranging from smaller properties through to larger apartment complexes and community title developments.

A residential strata policy may provide cover for a range of exposures, depending on the insurer and policy selected, including:

Building and common property
Common area contents
Public liability
Loss of rent and temporary accommodation
Catastrophe and additional rebuilding expenses
Office bearers’ liability
Fidelity guarantee
Voluntary workers
Machinery breakdown
Government audit and legal expenses where provided
Other additional benefits subject to the individual policy wording

Commercial Strata Insurance

Commercial strata can present very different insurance exposures from residential strata. The activities of individual tenants, property construction, building values, fire protection, hazardous activities, storage arrangements and the overall occupancy of the property can materially affect an insurer’s appetite and terms.

We can assist with commercial strata properties including offices, retail premises, warehouses, industrial units and mixed-use strata developments, subject to insurer appetite and underwriting requirements.

For commercial strata, we take particular care to understand the activities conducted by the occupants of the property so that appropriate information can be presented to insurers when seeking terms.

Access to Specialist Strata Insurance Markets

Insurance 2U has access to a range of Australian insurers and specialist strata underwriting agencies. Depending on the individual risk and insurer appetite, markets we may approach for residential and commercial strata insurance include:

CHU Underwriting Agencies
Strata Community Insurance (SCI)
Strata Unit Underwriters (SUU)
Flex Insurance
Hutch Underwriting
AXIS
Longitude Insurance

Not every insurer will be suitable or available for every property. Insurer appetite can vary considerably depending on location, construction, occupancy, claims history, building value, flood or catastrophe exposure and other underwriting considerations.

Our role is to understand the property, prepare the underwriting information and approach appropriate markets to identify available insurance options for our client.

Clear and Transparent Strata Insurance Broking

We recognise that strata insurance remuneration and the relationship between strata managers and insurance brokers can be a concern for some owners and committee members.

Insurance 2U does not pay strata managers referral commissions or kickbacks for directing strata insurance business to us.

Our role is to provide professional insurance broking services and to act for our client when arranging and managing their general insurance program.

We believe strata managers and committees should be able to ask questions about their insurance arrangements and receive clear explanations about the cover, premium, excesses, important limitations and available alternatives.

Claims Management & Advocacy — Where Our Service Really Matters

Arranging the insurance policy is only the beginning of our relationship with a strata client. A major reason for using an experienced insurance broker becomes apparent when something goes wrong.

Strata claims can involve multiple parties including strata managers, committee members, lot owners, tenants, insurers, assessors, loss adjusters, engineers, builders, restoration companies and other specialists.

Insurance 2U remains involved.

Depending on the circumstances of the claim, our claims service can include:

Helping the strata manager or insured understand what information is required to lodge the claim
Assisting with claim lodgement and preparation of supporting documentation
Communicating with the insurer and relevant claims personnel
Following up assessors, loss adjusters and other parties involved in the insurance claim
Following up outstanding reports, quotations and claim decisions
Helping strata managers and committees understand insurer requests and claim developments
Keeping relevant parties informed as the claim progresses
Reviewing insurer responses against the insurance policy where appropriate
Escalating unreasonable delays or disputed claim matters where appropriate
Assisting where an insurer proposes a cash settlement
Helping explain the insurer’s position where a claim is reduced or declined
Advocating for our client throughout the claims process

Our objective is simple: help our client navigate the claim and work towards a fair outcome under the insurance policy.

The insurer has its own claims team managing the claim from the insurer’s perspective. As your insurance broker, our role is different — we are there to assist and advocate for our client throughout the claims process.

Support for Strata Managers

We understand that a strata manager already has a substantial workload. Insurance claims can create additional administration, correspondence and pressure from owners and committee members, particularly when repairs are delayed or a claim becomes complicated.

Our aim is to make the insurance component easier for the strata manager by helping with insurer communication, documentation, follow-up and escalation when required.

Whether the claim is relatively straightforward or develops into a larger and more complex matter, having an experienced broker involved provides the strata manager and committee with an additional insurance professional working alongside them.

Support for Committees & Owners

Committee members are not expected to be insurance experts. We can help explain the insurance program in practical terms so that committees can better understand the cover being arranged and the options presented to them.

At renewal, this can include explaining:

Building Sum Insured
Premium changes
Policy excesses
Major sections of cover
Important exclusions and limitations
Alternative insurer quotations where available
Material differences between competing insurance options
Claims considerations and insurer appetite

Small Strata or Complex Strata — We Understand the Difference

A small residential body corporate does not necessarily require the same insurance approach as a large apartment complex, commercial strata development or mixed-use property.

We tailor our approach to the individual property. For more complex risks, additional underwriting information may be required before insurers can properly assess the exposure and provide terms.

Our experience dealing with strata insurance helps us identify the information likely to be required early, helping reduce unnecessary delays during the quotation and renewal process.

Why Insurance 2U for Strata Insurance?

Specialist strata focus: Experience with both residential and commercial strata insurance.
Broad market access: Access to established insurers and specialist strata underwriting agencies.
Responsive service: We understand that strata managers often need insurance information, Certificates of Currency and claim assistance quickly.
Claims management: We help lodge, manage, follow up and escalate claims rather than simply giving the client an insurer claims number.
Claims advocacy: We advocate for our client’s interests throughout the claims process.
Practical advice: We explain insurance options, excesses, limitations and material differences in terms that strata managers and committees can understand.
Transparency: We do not pay strata managers referral commissions or kickbacks for directing strata insurance business to Insurance 2U.

Need a Strata Insurance Review?

If you are a strata manager, body corporate, owners corporation or committee looking for assistance with residential or commercial strata insurance, talk to Insurance 2U.

We can review the property information, understand the existing insurance arrangements and determine which available strata insurance markets may be appropriate to approach.

Already dealing with a strata insurance claim? For clients whose insurance we manage, claims support and advocacy form an important part of our broking service.

Insurance 2U — specialist strata insurance advice backed by responsive claims management and advocacy when it matters most.