04 Apr Ken Masina Joins Industry Panel to Discuss Strata Insurance
Ken Masina Joins Industry Panel to Discuss Strata Insurance
As a panellist at the Johns Lyng Group and Lannock Strata Finance Networking Event, Ken Masina, Head of Claims at CRM Brokers, engaged with other industry experts, including Chris Frazer and Melissa Gallagher, in a discussion about all things strata insurance.
During the panel, there were discussions on various important topics including the impact of a lack of action to general maintenance and defects works on the insurability of a property.
A proactive approach to defect identification and rectification benefits all parties involved placing the insurance to protect a property. Being on top of defects and ensuring that Owners Corporations have a plan in place to resolve them will improve insurance coverage and lower the chance that a claim will be rejected.
In addition to potentially causing further damage to the building, person or third-party property, unresolved defects will likely impact the insurance policy at renewal time. Placement may take longer, premiums could cost more, there is less likely to be alternative quotes, or in the worst scenario the property could become uninsurable.
It’s important that Owners Corporations don’t wait until the last minute to make formal plans for remedial work; they should be guided to take care of defects well in advance of the plans insurance renewal date to ensure the best coverage and premium outcome for their property.
Additionally, the discussion focused on the impact of recent catastrophic events on insurance premiums, as well as the soaring inflationary costs across the construction sector. Materials commonly used to replace damaged properties, such as building items and even labour, are in short supply, driving up the average cost of a claim. These recent escalations in construction costs mean that if a strata property has not been valued in the past 12 months, there is a likelihood it is underinsured, further adding to financial pressures on Owners Corporations.
We would like to extend our appreciation to Melissa for inviting CRM Brokers to participate in the panel and for organising such a fantastic event.
Where an Owners Corporation has concerns about the financial pressures of their insurance premium, CRM Brokers can arrange Premium Funding, which allows the premium to be paid in monthly instalments. To learn more about Premium Funding or get a quote, you can contact us at 1300 880 494 (Press 2 to speak to our Strata Broking Team) or email [email protected].
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