An owners corporation is required, by regulations contained in the Owners Corporation Act 2006, to take out a minimum insurance of both public liability and common property. Owners corporation insurance is absolutely imperative to the sound management of your property and equally important for peace of mind, being at ease with the knowledge that your property is secure in the event of damage.
An owners corporation manager acting on your behalf provides a quick turn around on claims processing and works being completed, and alleviates the hassle for the claimants.
Our in-house team will:
- Research and obtain detailed information and advice regarding the best insurance plan for you and your building.
- Keep you informed of your legal responsibilities as stipulated in the Owners Corporation Act, 2006.
- Complete and tender claim forms on behalf of the owners corporation, or any individual owner.
Love Owners Corporation actively ensures that the owners corporation, and its interests, are vigorously pursued and protected. For this reason, we hold no business relationship with any third party insurance companies. The absence of any pre-existing affiliation with an insurance company automatically safeguards you and your interests against third party bias.
Many owners corporation managers are also authorised representatives of an insurer. Consumer Affairs Victoria considers it a breach of duty if an owners corporation manager fails to disclose such information to its client, as commission incentives and business loyalties may prejudice or compromise their ability to provide the client with impartial and honest information
The Consumer Affairs Victoria also recommends that your owners corporation only use insurers approved by the Australian Prudential Regulation Authority. At Love Owners Corporation, we will research and present you with a range of insurance option plans to help you find the most cost-effective and beneficial solution for your residential or commercial strata insurance.