Property Owners and Strata

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Commercial Strata Insurance is designed to protect the specific insurance needs of strata title properties. Properties of this nature have specific insurance requirements that may not be catered for under standard home insurances.

Benefits included:

  • Optional fidelity guarantee
  • Office bearers’ liability
  • Personal accident cover
  • Choice of liability cover
  • Cover for loss of rent
  • Catastrophe cover

Property Owners and Strata

Average or Co-Insurance – Its Important to get the Sum insured correct

Some policies contain an Average clause. This means that if you insure for less than the full value of the property, your claim may be reduced in proportion to the amount of the under-insurance. These clauses are also called “Co-Insurance” clauses.

A simple example is as follows:

Full (Replacement) Value – $1,000,000
Sum Insured – $500,000

Therefore you would be self-insured for 50% of the Full Value

Amount of Claim, say $ 100,000

Amount payable by Insurers as a result of the a of Average/Co-Insurance (i.e.: 50%) $50,000

To avoid underinsurance talk to us to help you find the right sum insured to protect your building

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