BEST PRACTICE — STRATA INSURANCE DISCLOSURE
CONSUMER FACT SHEET — FAQ
What do strata managers do in relation to strata insurance and why do they receive remuneration?
Strata managers undertake or participate in 47 different services in relation to strata insurance to their clients, including, but not limited to:
- Quotation
- Procurement
- Placement and renewal
- Claims management
- Insurance record keeping
- Correspondence
- Negotiation and liaison
- Advice based on insurance knowledge
The value of strata manager and insurance brokers in the insurance process
- The knowledge and experience the strata manager holds of the insurance landscape as well as the building is an asset to the strata committee and the policy outcome.
- Increased legislative and regulatory requirements, along with buildings which are often complex, mean strata manager and broker expertise is incredibly valuable.
- Insurance brokers provide general and personal advice, drawing on their specialist skills and working closely with the strata manager when involved.
- Specialist brokers work to understand the unique aspects of the building being insured and provide a tailored quote based on the building’s particular set of circumstances.
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