Are Strata Plans Eligible for Stamp Duty Exemptions? One of the most common questions we have received after the announcement of the NSW Small Business Stamp Duty Exemptions, has been whether or not strata plans are eligible. For the purposes of the Exemptions, Revenue NSW has stated that...
Rising Strata Insurance Premium - Is It Manageable? You may be aware that strata insurance premiums have started creeping up since last year. Strata insurers have advised us that market conditions and the other contributing factors such as changes in underwriting guidelines, CPI, increasing reinsurance costs and rising...
Not sure about your Building Sum Insured? We often discuss the importance of having the correct Building Sum Insured on your insurance policy, and understand that obtaining a professional valuation every year may not be feasible. Determining the level of insurance required for a property can be...
Home Building Amendment (Cladding) Regulation 2018 The NSW Government released the Home Building Amendment (Cladding) Regulation 2018 on April 20. The Amendment inserts a new Clause (69A Major defect in building—external cladding) which updates the definition of "major defect" in section 18E (4) of the Home Building Act 1989 (NSW)...
Regulation for Cladding Shortly after the Grenfell Tower fire tragedy, the NSW Government announced a wide-ranging fire safety package in response to the fire safety risks posed by external wall cladding. Compulsory Checks As part of the package, the NSW Government announced they would make checks for combustible cladding...
Is it time to review your cover limits? CRM Brokers would like to remind the Owners Corporation how important it is at each renewal to ensure the Sum Insured they select complies with section 161 of the Strata Management Act 2015 and clause 39 of the...
How can cladding affect your insurance claim? Cladding is considered a popular material used to cover a building’s external wall or roof due to its light weight, architectural features, resistance to corrosion and many other benefits. A cladding material currently in focus is Aluminium Composite Panels...
Ten-point plan for fire safety reforms Responding to the issues around London’s Grenfell Tower fire, the NSW Government announced a Ten-point plan to ensure unsafe building products are taken off the shelves, buildings with cladding are identified and notified and that only people with the right...
Understanding how the various sections of a Strata Insurance policy respond to a claim is paramount, as it could affect your chances of making a successful claim. In general, a Strata Insurance policy consists of the following sections:- Building Liability Fidelity Guarantee Office Bearers Liability Voluntary...
Strata Building Defect Bond Scheme Deferred Until 2018 NSW Fair Trading has officially deferred the building defect bond scheme. The scheme will now only apply to construction contracts signed (or where there is no contract and building work commences) from 1st of January 2018. Fair Trading announced...
Asbestos Register: Important requirements for Strata Managers Not all Strata Managers or Owners Corporations may be aware of the requirements under the Work Health and Safety Act 2011 where there is Asbestos presence at the premises they manage. An integral part of CRM Brokers' role is to...
Strata Managers can now add Public Liability & Management Liability to their Professional Indemnity insurance program [vc_separator type="normal" thickness="3"] Strata Managers often focus on the tangible exposures that they deal with on a day to day basis, however, managing all business risks is critical and often liability exposures are left...
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...
CRM Brokers' Claims Team is here to assist The Bureau of Meteorology has broadcast a severe weather warning for New South Wales with damaging winds and heavy rain expected to develop before the long weekend. If you have an incident occur, please contact us immediately on 1300...
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'...
Councils Cannot Escape Liability for Building Defects Defect claims are always complex and nuances reign supreme. In a recent case Grace Lawyers have successfully argued for an Owners Corporation of a small residential strata scheme that a Council is a developer The Owners – Strata Plan No 151721 –v-...
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...