Simply put, underinsurance occurs when the sums insured are not sufficient to cover property in the event of a loss. In our previous article we addressed the importance of obtaining an accurate building valuation to ensure that the insurance coverage aligns with the actual rebuilding...
While securing appropriate insurance coverage is fundamental for strata property, the significance of having the correct building sums insured can often be overlooked. In this article, we address the importance of obtaining an accurate building valuation to ensure that the insurance coverage aligns with the actual...
When it comes to insuring properties with commercial tenants, regardless of whether they are strata or non-strata, the activities of the tenants play a key role in determining acceptance. It’s important for strata managers and property owners alike to have a clear understanding of the...
The growing popularity of e-bikes and e-scooters has increased concerns among strata property owners and tenants about the heightened fire risk linked to faulty Lithium-ion batteries. This surge in popularity calls for a closer examination of risk management related to these items. In January 2024, investigators...
NSW Premier, Chris Minns, is set to eliminate the Emergency Services Levy (ESL) on New South Wales property insurance, in an effort to create a fairer system for policyholders. “Reforming the Emergency Services levy is not easy, but it’s the right thing to do,” Premier Chris...
We would like to emphasize the significance of timely claim notification for strata insurance policies. Whilst we understand that there may be valid reasons for a delay, it is essential that a policyholder notify the insurer as soon as reasonably possible. In most cases the timely...
We understand that navigating strata insurance policy wordings can often raise questions, and we have recently had several enquiries relating to Temporary Accommodation and Loss of Rent benefits during claim time. We're here to provide some clarity on these common questions. Temporary Accommodation and Loss of...
The recent surge in construction costs has made underinsurance a significant focal point within the insurance industry. In the simplest terms, underinsurance occurs when the sum insured on an insurance policy is insufficient to cover the full cost of rebuilding, repairing or replacing the building. Given...
CHU Underwriting Agencies, one of Australia's leading strata insurance specialists, has launched the first specifically tailored insurance product designed for build to rent residential properties. A build to rent property is one where the owner, developer, managed investment trust, or another entity owns 100% of the...