Earlier this year we wrote an article about high-risk tenants for strata and property owners. In this article we highlighted that the appetite in the insurance market for tobacco retailers was low. Due to the well-publicised increase in violent attacks on premises occupied by tobacco...
At CRM Brokers, we are committed to making our client's claims experience as smooth as possible. In recent times, we have noticed an increasing trend of Police Reference/Event Numbers missing with claims lodgements, which can significantly delay the claims process. Reporting certain incidents to police as...
What is underinsurance? Underinsurance is a preventable but often devastating consequence of not insuring your businesses assets or income for the full replacement value if an Insured Event were to occur. There are many ways you can be underinsured, but a few which can be more...
In recent years, Australia has experienced a surge in fires linked to lithium-ion batteries, with devastating consequences for residents and their property. Residents of strata buildings are particularly vulnerable to these fires due to the high density of occupants and shared spaces. The once innocuous lithium-ion...
CRM Brokers specialises in helping Owners Corporations secure the most appropriate strata insurance, even in challenging situations such as extensive claims history, building defects and maintenance issues. Here are some recent examples that showcase how we've helped Strata Managers and Owners achieve successful outcomes, even when...
Managing your financial obligations is crucial for an owners corporation. Regular expenses, including insurance premiums, can strain cash flow and limit your ability to make necessary upgrades or investments into the property. Premium funding offers a cost-effective way to spread your strata insurance premium over...
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...
Understanding Flood Cover When purchasing property insurance, it's crucial to understand the specific risks your property faces. One significant threat is that of a flood, which can cause widespread damage and disruption. The definition of "flood" In 2012, the Australian Government regulated a standard definition of the word...
Preparing for wet weather Wet weather conditions are here to stay this winter. For large parts of Queensland and NSW, summer 2021-22 was non-stop rain. With the La Nina effect continuing in the tropical Pacific, there is a chance the east coast of Australia is in for...
The Importance of Maintenance in Strata Buildings Steadfast Group has provided feedback on a common theme that keeps re-emerging in Residential Strata claims. A poor standard of maintenance and known maintenance defects are a major contributor to or cause of losses, particularly in older strata buildings. This...
What’s the difference in the way insurers treat storms and flood? There’s a difference in the way insurers treat claims related to storm water and floodwater. As such, it’s important property and business owners understand this difference, should they experience either of these events. This differential...
How to protect domestic property against La Niña risks The Bureau of Meteorology has predicted the chance of a La Niña climate system developing at 70% - or three times the usual likelihood. As a result the northern and eastern parts of Australia are likely to...
COVID and the risk of unoccupied dwellings on farms The COVID pandemic continues to create complications for people from all walks of life, and farmers are no exception. The inability to employ seasonal workers, relied upon by farmers, has been well documented in the media. This not...