Insurance is important to protect your Owners Corporation and the personal assets of all lot owners

The law sets out the minimum insurance required by an Owners Corporation but your owners corporation may also want to consider any extra insurance cover.

The minimum insurance required for an Owners Corporation, with the exception of 2 lot subdivisions, is:

• reinstatement and replacement insurance of all buildings on common property.
• $10,000,000 public liability insurance for the common property. This is to protect the Owners Corporation from loss or damage rising from their legal liability as a property owner.

An Owners Corporation may want to consider having any of the following insurance covers:

• office bearers’ legal liability
• voluntary workers insurance (a form of personal accident cover)
• workers compensation ( if the Owners Corporation has direct employees)
• fidelity guarantee
• machinery breakdown
• Additional catastrophe insurance (building insurance generally automatic provides catastrophe cover of 15% of the building sum insured)
• lot owners’ improvements to the building
• legal defence expenses
• government audit costs
• appeal expenses
• common property contents (for items such as carpet and paintings in foyers).

Edward & Co services include preparation and lodgment of all insurance claims; obtaining repairs quotations; monitoring repairs progress till completion; following up claims payment and ensuring reimbursement from the OC insurer is fair and reasonable.