Strata Reforms: Considering Reinstatement Costs Strata reforms have a significant impact on the value a building is insured. As of 30 November 2016, Strata Managers will need to consider replacement and reinstatement costs, not just replacement costs as per the previous Act. What are reinstatement costs? Reinstatement costs...
Strata Reforms: Fact or Myth? The new strata law reforms are designed to bring strata laws up to date with modern times, covering a broad range of topics from pet ownership to the length of strata management contracts. We have previously covered some of those changes...
Does your Professional Indemnity policy wording suit your business? Not all strata businesses are alike. And not all professional indemnity policies are alike. For instance, let’s say you’re an Authorised Representative (providing insurance general product advice) and your staff are Sub-Authorised Representatives also providing general product advice. Does...
Strata Law Reforms As you are aware, the Strata Schemes Management Bill 2016 will commence on 30th of November 2016. The reforms cover a wide range of topics with a number of them related to Strata Managers, of note are the following...
CRM Brokers' Claims Team is here to assist We hope your weekend did not result in your properties experiencing any damage. However, if you have had an unfortunate experience with flooding or storm damage, then please contact us immediately on 1300 880 494 or fill out CRM Brokers'...
The Importance of Product Disclosure Statements We draw your attention to all the Product Disclosure Statements that currently apply to those Strata Insurers with whom we place business, on your behalf. This Product Disclosure Statement (PDS) is an important document. You should read it carefully before making...
Not all claims conveniently occur during business hours...
Catastrophic power surge to office block Case studies highlight the need for specific types of insurance policies. Together with Vero Insurance, we have highlighted one such claim related to a power surge. An electrical arc developed in the vertical busbar which traveled 8 floors of a 30...
Major changes to strata laws With the first major reforms to strata laws in over 40 years, you can be certain that CRM Brokers is here to help you understand the proposed changes and how they affect you and your business. The proposed changes include: Modern forms of...
Short term letting, long term headache The issue about short term letting has been an ongoing problem for owners corporations and body corporates for many year. Common causes of conflict are: Lots being use as backpacker accommodation Lots being used for short term holiday accommodation Lots being...
CRM Brokers is now certified a 'Strata Services Company Specialist' by the Strata Community Association (SCA). Click here to see our Certificate. CRM Brokers' Strata Division engages specialist strata brokers whose main function is to deal solely with all things strata. Our in-house Claims team ensures we...
Floating Floors In a strata scheme, the building in question may accommodate a wide variety of people who give their unit those individual touches. Curtains get hung, plants are arranged, rugs are unrolled and favourite appliances get plugged in. A little renovating may also come into...
Legal Concerns Over Proposed Strata Office Bearers Liability Exclusion Among the various proposed changes to strata laws currently being mooted in NSW, the recommendation to add an exclusion of personal liability clause has the potential to cause considerable confusion and ongoing difficulties for both office bearers...