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From July 1, 2017, some residential Strata Insurance policies will experience significant total premium changes as a result of amendments to the Terrorism Insurance Act 2003 (Cth). The changes apply Australia wide, and relate to the introduction of a Terrorism Levy.
With over 40 food and beverage products recalled so far this year (as of 5th October 2017), the impact of a product recall can cause severe damage to a manufacturer’s reputation and bottom line.
Unfortunately the frequency Strata Managers are faced with these issues is growing, and none are a problem that can be brushed aside. Strata Managers may either be held liable or joined in legal action if they have failed, or been alleged to have failed to disclose true information in relation...