Insurance: Owner's Rights

rights

Right of unit & lot holders to satisfy themselves of insurance covers.

Owners have a right to a copy of the insurance certificate and policy for their group.

Legislation - Strata Titles Act

Click on Legislation above, to view strata title legislation and hints.

Legislation - Community Titles Act

Click on Legislation above, to view community title legislation and hints.


Best Practice

Supply all owners with a copy of the insurance certificate following renewal. Ask the group's insurance company for a certificate if they fail to send one following a renewal.
Detail the insurance cover in the insurance section of the annual general meeting minutes.


Right of Unit Holder to Insure

Owners have a right to effect additional insurance.

Legislation - Strata Titles Act

Click on Legislation above, to view strata title legislation and hints.

Legislation - Community Titles Act

Click on Legislation above, to view community title legislation and hints.


Best Practice

The Corporation ensures that the group is insured for replacement value and obtains a valuation at least every 5 years. This will see owners and their banks comfortable to accept a certificate of insurance from the Corporation.

Supply all owners with a copy of the valuation shortly after it is received,