Strata insurance is mandated across Australia for commercial strata titled properties to cover legal liability and common events.
Insurance for Commercial strata is designed to cover common areas as defined on the property’s title including common property such as, driveways, lifts and pools in the event of damage to or destruction of the building. Strata Insurance must also provide liability cover in the event of personal injury in connection with the insured property.
It is mandated under legislation in each state and territory for commercial strata title properties to hold strata insurance.
It offers cover with respect to:
- Insured Property;
- Liability to Others;
- Lot Owners’ Fixtures and Improvements;
- Voluntary Workers;
- Fidelity Guarantee.
With the option to extend cover for:
- Catastrophe Insurance;
- Office Bearers’ Legal Liability; and
- Machinery Breakdown.