An owners corporation (formerly referred to as a body corporate) manages the common property of a residential, commercial, retail, industrial or other property development/asset.
The Owners Corporations Act 2006 states that it must, among other things, manage, administer, repair and maintain the common property.
Insurance is obviously necessary to protect your owners corporation and the personal assets of all lot owners. The law sets out the minimum standards, though your Owners Corporation may also want to consider extra or more specific cover. Common property includes lifts, gardens, passages, walls, stairwells, driveways, foyers and fences etc.
We assess your requirements for adequate Owners protection, or we can check what you may already have in place. Delivering one of the following outcomes:
Obviously size matters here. Generally its the annual maintenance expenditure, divided by the lot liability for each apartment as shown on the registered plan of subdivision.
And a reminder, cover does not include the contents, personal belongings or public liability of the individual occupants. They are advised to take separate cover.