Strata Insurance / Richardson Strata Management / WA Strata

Ever wondered what role your Strata Manager plays when it comes to your strata insurance? Insurance is a very important part of owning in a strata complex and under the Strata Titles Act 1985 (WA), is legally required in Western Australia.
In most cases, your Strata Manager will work in unison with an Insurance Broker to help you with everything from claims, renewals and valuations.

We’ve created an easy guide to help you navigate your way through ‘Who does what when it comes to insurance’. This guide will give you a clear understanding of who to contact (and for what) when it comes to insurance at your property.

Insured Property insurance is mandatory but still misunderstood. Strata policies usually include most elements of your property, but many vary in benefits and how they apply when you make a claim. You must be familiar with your insurance policy. It’s not until you’re forced to make a claim that you realise there are gaps in your cover.

– PSC Property Lync Insurance Brokers

STRATA MANAGER

Engaging ongoing claim management
Liaising with contractors to obtain quotes for proposed insurance repair work
Instructing contractors to undertake approved insurance work following acceptance of a claim
Supply relevant client disclosure info to Insurers when there is a non-property claim (i.e Public Liability)
Undertake activities involved in loss mitigation
Forwarding contractor quotes and queries to Insurers
Receiving and forwarding invoices for approved insurance works to Insurer as required
Provide assistance required for non-property insurance claim
Liaising with Loss Adjusters
Receiving and processing the Insurers acceptance or rejection of the claim
Receiving and receipting payment from Insurers and paying the contractors

STRATA MANAGER & BROKER

Advising or guiding clients regarding whether or not to make a claim
Lodging complex/major or non-routine claims
Assessing Lot Owner enquiries about Policy coverage for loss or damage
Lodging routine claims relating to common property on behalf of the client

Renewals

STRATA MANAGER
STRATA MANAGER & BROKER

STRATA MANAGER

Seek instruction to obtain an insurance valuation
Liaise with valuer regarding valuation requirements and organise access for the valuer
Provide a copy of the valuation to the Broker or Insurer
Prepare a motion to engage a valuer
Review insurance valuation and provide a copy to the Committee

STRATA MANAGER & BROKER

Liaise with preferred Insurance Broker or alternative Brokers to arrange insurance renewal terms
Circulate renewal options to the Committee on receipt from the Broker and instruct the Broker when the Committee have made their acceptance known
Facilitate queries between the Committee and the Broker