If you are a Strata Manager acting as an Office Bearer or someone who is currently fulfilling Office Bearers duties for an Owners Corporation then these frequently asked questions should provide insight into how necessary this “optional” cover is.

Owners Corporation (OC) Committees are within their rights to proceed with litigation against their Strata Manager for a breach of professional duty if they believe the professional services provided are directly responsible for a financial loss incurred by the Owners Corporation.

While the breach may merely be an error in judgement or an oversight, Strata Managers and their firms must ensure they have adequate insurance protection to secure their financial position and comply with legal requirements.

We like to think ‘it will never happen to us’. But the reality is, some of us will pass on
sooner than expected – leaving family and loved ones behind.

Should something unforeseen occur, could your loved ones survive without you? How would they pay monthly bills? Or keep up with mortgage repayments? This is where Life Insurance comes in.

It is usually only after you buy into a strata property, that you learn there are government regulations you have to comply with, regulations that extend to the insurance of your property. Getting the right insurance to comply with the regulations won’t be a problem if you follow these five simple rules…

Professional Indemnity (PI) Insurance is an important part of any business risk management strategy. No longer is PI only required by professionals such as lawyers, accountants, and architects. It is a legal requirement which applies to all Strata Managers.

Life Insurance specialist Michael Giansiracusa dishes out his top tips on how you can protect yourself should you be unable to work. The good news is - it isn't as expensive as you might think!

If you need help navigating the ins and outs of Income Protection Insurance, read on…

What is Strata Insurance and what does it cover you for? We answer the most common questions we get asked about Strata Insurance every day.

As a company director you should be aware of how many Acts expose you to personal and or corporate liabilities.

There are pros and cons for landlords who manage their own properties as opposed to landlords who employ a property manager to look after their affairs. Are you better off managing your property yourself or do you stand to save more than you spend by paying a property manager to wrangle the tenants for you?

It really comes down to time: how much you value your time and expertise.

Whitbread recently completed a national series of seminars to Directors of medium to large organisations across Australia. These sessions explored the evolution of Management Liability Insurance, and generated extensive discussion among attendees. Here are some of the key questions that were posed during the seminars.

Have you hired a tradesperson, or appointed caretakers to carry out works on behalf of an Owners Corporation (OC)? Make sure they have the right tools for the job. Public Liability Insurance is essential and, as a Strata Manager, it’s your responsibility to ensure the tradies you engage have Public Liability Insurance protection.

Owners of rental strata properties need to ensure they take out insurance to cover landlord’s fixtures and fittings, rent default and public liability for inside their lots/units.

At the Australian Insurance Summit held in Sydney, a panel of insurance executives stated that around half of all SMEs who have an insurable loss fail within 2 years as a result of inadequate cover.

We recently saw this question posted on the Flat Chat Forum, where people and managers living and working in strata communities can ask questions and have them answered by the community.

An article from the Australian Financial Review (3 April, 2013) “Insurance Blind Spot for SMEs”, highlights a lack of awareness and preparedness amongst Australian SMEs when it comes to protecting their income through Business Interruption insurance.

Following recent storms, we received calls from many of our clients who wanted to know whether damage to their apartment block is covered by their Strata Insurance policy. A number of these queries related to fallen trees.

Twice, TV chef Heston Blumenthal has shut the doors of one of his gourmet London restaurants after being hit by an outbreak of the same vomiting virus which forced him to close the Fat Duck a number of years ago, according to the Herald Sun.

We take a look at the potential insurance implications for restaurant owners and how business insurance could protect you in similar circumstances.

Most people see insurance as a cost. It’s like an investment you never want to cash in on. When you do have a claim however, that “investment” could save your company.

As a consumer, you’ve never had more choices around how you source information and purchase products. However, some purchasing decisions require more information and expert knowledge than others so you can feel confident that you have made the right choice.

As Strata Managers, your days are spent ensuring the needs of the Owners Corporation are met. Owners expect quick and timely action on all matters particularly when it comes to claims. However, in our experience, Strata Insurance claims that involve more than one party can result in unnecessary delays if there is a lack of clarity regarding process, and the expectations of the various parties involved.

Very few businesses, large or small, could function effectively without computers to store data. Yet few of us are aware of just how vulnerable that data is to criminals who can steal it or use it with relative ease.

Cybercrime has evolved and increased substantially over the past ten years particularly in the financial services and retail sectors where a high volume of data is retained, in particular financial information. These industries have therefore had a head start on developing strategies to mitigate and prevent cyber-attacks.

In recent weeks we have all witnessed the devastating impact that floods have had on our communities. We have received a number of calls from concerned Owners Corporation Managers and their clients about the cover afforded by their policies. We hope the following information may assist you with any concerns that you may have.

When it comes to buying insurance, people have two basic choices: buy it themselves or organise it through a broker.

As the availability of online insurance products grows, you might be tempted to believe insurance brokers will go the same way as the dinosaur. But that’s not happening, and there is one very good reason: buying insurance – particularly business insurance – is a specialised business.

You’ve sought professional advice and now the question is; do you take it or do you leave it?

When it comes to determining a building sum insured, disregarding the advice could be detrimental to everyone concerned: the property owner, the Owners Corporation committee and you, the Strata Manager.

As we head into the festive season, we are reminded of the disastrous January 2011 floods that severely affected many areas of Queensland. Following those floods, countless people were astonished that their policy did not cover them for the loss incurred. We hope to clear this up for you.

It’s easy to forget in the midst of an icy Melbourne winter that bushfires are a part of life in Australia. But, as the sun starts to muscle its way through the clouds and re-emerge into our collective consciousness, it’s timely for rural property owners to reassess their exposure.

The Christmas Day storms caused wide spread water damage across Melbourne. Although no preventative action would have protected property from damage caused by the fierce storms, as property owners a maintenance program could substantially reduce your chances of water damage occurring.

A common misconception of living in a unit or apartment complex is the assumption that Strata Insurance will also provide cover for the contents within each unit. Unfortunately, many people are caught out, because this is not the case.

Living in what insurers call a “strata title unit”, doesn’t remove the need for property owners to protect themselves from loss and / or damage to their possessions. If you live in a Strata property, Contents Insurance is a must.

Late last year the government passed amendments to the Privacy Act 1988, implementing changes to Australian privacy law in a number of areas.

A key change is the replacement of the current National Privacy Principles (NPPs) with a unified set of 12 new ‘Australian Privacy Principles’ (APPs) to regulate the handling of personal information.

We are commonly asked what obligations and level of authority Strata Managers have when arranging insurance on behalf of their clients.

Believe it or not, having the right Landlord Insurance in place can play a key factor in reducing a Landlord’s overheads in the long term. Lidia Siljanoski our Personal Insurance specialist explains how you too can achieve this.

When it comes to Strata Insurance, nothing is as simple as it seems. Lia de Sousa, Whitbread’s General Manager | Strata, explains the cover you need to adequately protect your property and belongings when an unfortunate incident turns into an expensive disaster!

Australia has one of the highest occurrences of extortion in the world. Extortion can affect all companies from large blue chip organisations to SMEs.

The current lack of awareness among business owners means that most organisations are almost never equipped to deal with the financial and reputational ramifications when exposed. Extortion Insurance is designed to protect you.

If you are preparing to undertake renovations on your home you need to be aware that renovating a strata property may have a few more complexities to it than your average free standing dwelling.

Travel is often a necessary part of conducting business in today's global economy. Unfortunately, on the odd occasion, it doesn't always go smoothly...

Do you park your car in a secure underground carpark? Take note!

Increasingly, organisations are being held accountable for any detrimental impact they may have on the environment.

The continual tightening of regulation and intense public scrutiny has seen a heightened need for businesses to manage their environmental risks.

When applying for or renewing your clients’ commercial strata insurance policy, it is imperative you help us provide as much information to the insurer as possible.

Lia de Sousa, Whitbread’s General Manager | Strata explains how providing detailed information about a property, can result in a more accurate insurance risk rating, and fairer insurance premiums that truly reflect the risk profiles of the buildings you manage.

Not For Profit and charitable associations provide invaluable services to the community, however the operational risks faced by these organisations has grown substantially in recent years.

This has in part been fueled by an increase in government red tape, and also a greater awareness of legal rights among the public.

If a third party believe your Owners Corporation are responsible for personal injury or property damage, and they decide to seek compensation, the Owners Corporation will most likely receive a Letter of Demand.

Take it from us, no matter how far-fetched the claim seems, whether you believe it happened or not, never ignore it! Renee Cassidy – Whitbread Claims Manager explains…

The boom in short-stay internet accommodation sites like Airbnb has led to more and more Australians opening their doors to people they don’t know. But what happens if something goes wrong?

Lia de Sousa, Whitbread’s General Manager | Strata, checks out what can happen at your strata property after strangers check-in.

$276,232 is the average cost for cyber incidents in Australia*.

Regardless of how good your company IT systems are, there is no 100% guaranteed way to protect your data. A data breach can not only cause significant financial losses for your business, it can negatively impact your clients and customers, putting you in the legal firing line. In this day and age, Cyber Insurance is essential for all businesses.

Most Strata Insurance policies include cover for Loss of Rent, but time and time again we see much confusion over what exactly Loss of Rent covers.

Lia de Sousa, General Manager | Strata at Whitbread Insurance Brokers, seeks to clear up some of the confusion surrounding this often misunderstood section of the policy. Below is some information for you to share with your clients, to help them understand the real features and benefits Loss of Rent can offer.

Owning and running a business carries with it significant responsibility and risk. Wrongful acts by business owners, dishonest acts by employees, harassment, wrongful dismissal and statutory fines and penalties are just a few areas of exposure that could threaten your business.

Management Liability insurance is designed to protect you, your business and your personal assets.

Do you know what steps to take if your Home or Strata property is damaged in a storm? Renee Cassidy, Claims Manager at Whitbread Insurance Brokers, provides her top tips should your property suffer damage during a severe weather event.

Cyber risks are continually evolving. This makes it all the more important for you to be up-to-date and have effective response measures in place to insulate yourself against emerging threats.

We would like to bring to your attention the below update from our IT department outlining a notable cyber-threat in circulation which may pose significant threat to your organisation.

From geotechnical to structural engineering, the scope of a Civil Engineers’ work can vary widely depending their area of specialisation.

What Civil Engineers do have in common however, is that their work involves the design and construction of structures typically used by the general public. While incredibly valuable to society, the nature of this design work means that without the right insurance policies, Civil Engineers face substantial financial and legal risk exposures should something go wrong.

Does your strata property have defect issues? Are you hoping Strata Insurance will cover the defect and resultant damage? Unfortunately it isn’t quite that simple.

Renee Cassidy, Claims Manager at Whitbread Insurance Brokers explains...

Receiving a letter of denial from an insurance company is never a welcomed outcome for anyone, particularly when you feel the insurance claim is legitimate.

As insurance brokers we deal with Certificate of Currency requests on a daily basis for a whole range of insurance policies whether it be Strata, Landlord or Business Insurance.

However, when it comes to Strata properties, we have often found that confusion surrounds Certificates of Currency, particularly when people need to request one for a property they are about to purchase.

Lia de Sousa, General Manager | Strata, answers the top 7 questions we receive on Certificates of Currency.

You've purchased Professional Indemnity insurance as part of your business risk management strategy. You're secure with the limit of cover you have chosen. But are you aware of these five common rules that often throw Professional Indemnity claims off course?

As December rolls around each year, preparing your home and family for the holiday season is high on everybody’s list. However with so much going on, it’s easy to forget about the safety and security of your home until you shut the front door and head away on holiday!

If you are unhappy with a claim denial ruling, and believe the internal disputes resolution process was not handled in a satisfactory manner, you can contact AFCA and lodge a dispute.
AFCA can give you a welcome alternative to launching legal action against an insurer, which could end up being hideously expensive!

Managing a Not-For-Profit organisation carries with it a significant element of liability risk to individuals. Board members and senior managers can be held personally liable for their actions or failure to act in certain circumstances.

As a Not-For-Profit organisation, Association Liability is an insurance policy you cannot overlook. Below, Holger one of our Not-For-Profit Insurance specialists, covers off some FAQs to help you wrap your head around this important insurance policy.

Strata Insurance is an essential insurance cover required if you own a unit in a Strata property. But what does it cover you for, and what other insurance policies do you need in place to protect your assets?

To reduce this common area of confusion, below we have covered some of the most frequently asked questions we get about insurance for Strata properties.

Product recalls are often in the news with cases of Hepatitis A allegedly linked to the consumption of frozen berries, and blackmailers threatening to poison NZ milk. The milk poisoning threat saw the NZ dollar fall by more than 1 percent, forcing the NZ stock exchange to suspend all trading on dairy options and companies.

Whether the threats and allegations above were real or not, such instances have led to hundreds of thousands of dollars worth of product being removed from retailers’ shelves.

Headlines were made across Australia in November, 2014 when the severe ferocity of a Docklands apartment fire was attributed to the use of illegal cladding material in its construction. Even more alarming now, is that the cladding has been used in hundreds of high rise buildings throughout Australia.

A crisis may occur at any time and can impact your business in a number of ways. Despite many years of good work in building a strong and favourable image in the community, your Strata firm’s reputation can be tarnished quickly if a crisis is not managed effectively.

At Whitbread we continually strive to keep you aware of global risk trends that can impact your business, both locally and abroad.

One of our key insurance partners Swiss Re recently published a report covering the “Top 21 Global Risk Trends”. The report is certainly an enlightening one, and I encourage you to take a closer look, considering how these 21 current and emerging risks could impact you.

Detailed planning and preparation is essential to protect the liability exposure and brand reputation of your Strata Management business in a crisis. Part 3 of our Crisis Management series builds upon Part 2, outlining in detail the crucial elements you need to consider to ensure you have the capability to implement a robust Crisis Management Plan.

Management Liability expert Holger Schnabel | Account Manager, answers some commonly asked questions to explain how Management Liability Insurance can protect you, your business and your personal assets.

The rapid rise of apartment-style strata living across Australian cities has coincided with a significant increase in the number of people using storage cages to store their belongings.

This trend has come about due to the limited space in many modern apartments. Unfortunately, an increase in the use of storage cages has also seen a surge in the rate of storage cage theft.

School holidays are the perfect opportunity for the whole family to have some quality time together and create happy memories. But before you take off, have you thought about taking extra measures to keep your home secure?

Volunteering for odd jobs around your Strata property? Think you’re covered for Personal Accident under the Strata Insurance if you’re injured? Think again!

While all Strata Insurance policies generally include a Personal Accident section to protect Volunteer Workers in the event they sustain an injury, most are not aware of how limited the cover actually is.

This article will ensure you’re fully informed of what is actually covered before volunteering your services.

Colin Knox, Whitbread’s Senior Risk Consultant harnesses his Risk Management expertise in multinational mining organisations to delve deeper into the Samarco Mine Disaster. Colin explains the ways in which a crisis like this can impact an organisation, and what can be done to minimise collateral damage.

Well, its renewal time again and all your annual policy paperwork has arrived just in time. What to do!? Just pay the premiums and think nothing of it for another 365 days? Think again!

It is a simple fact that most homeowners will not have enough savings to rebuild a badly damaged or destroyed home, or, to pay off the mortgage still owing even though the home may no longer exist. That’s why we have insurance, right?

Running a small business out of a residential strata unit may cause major issues in relation to insurance. Not only can it increase the risk of a public liability claim, but it can also change the property classification from residential strata to commercial strata. A change in property classification almost always results in an increased Strata Insurance premium for ALL property owners.

With the year almost at a close and Christmas just around the corner, the holiday season is nearly here! To help keep your home safe and secure while sunning yourself on the beach, careful preparation is key.

We’ve prepared some useful tips so you can enjoy a drama free break!

With the most significant Strata Law Reform* package in decades passing the NSW Parliament, it is essential that as a Strata Manager, you understand how these changes are going to impact the duties and obligations you have to your clients come November 30, 2016.

If you are a Whitbread Authorised Representative (AR) you’d know that we are continually carrying out audits to ensure you understand and meet your obligations while operating under the Whitbread Australian Financial Services License (AFSL).

We are happy to share that after our recent audits, most of our ARs are doing a fantastic job!

If you haven’t been audited yet, review our tips below to assess whether you are compliant when it comes to arranging insurance for your clients.

Horrific bushfires across vast parts of NSW, VIC, SA and QLD are a grave reminder that you don’t have to live in a rural area to be impacted by fire. The ferocity of these fires has seen a devastating Australian bushfire season, and we're only halfway through the 'dryer' months. With many lives lost and thousands of homes razed, bushfire preparation has never been more important.

If a third party believes you or your business is responsible for personal injury or damage, and they decide to seek compensation, your company will likely receive a Letter of Demand (LOD).

No matter how far-fetched a claim may appear, whether you believe it happened or not, it is not something to ignore. Renee Cassidy – Whitbread’s Claims Manager explains…

Are there unknown contents being stored in garages on your strata? While a resident could be storing a friend's business stock as a favour, if the contents are unknown they could pose a hazard and potentially lead to an uninsurable claim.

22 February, 2018 saw the Australian Government enact the Notifiable Data Breaches (NDB) scheme, requiring any organisation affected by a serious data breach to notify all individuals whose information may have been compromised. Non-compliance may result in heavy fines and penalties being imposed on both businesses and individual directors.

This article covers the full impact this legislation can have on your business, and how you can ensure you are protected.

While Public Liability is a mandatory cover for both Residential and Commercial Strata policies, confusion often arises regarding the extent of cover and who pays the excess in the event of a claim.

Reputation is crucial when it comes to attracting financial contributions to Not for Profit (NFP) organisations. Yet with cybercrime on the rise, NFPs are facing a new threat to brand reputation and profitability, should the personal information of donors become compromised in an attack.

When it comes to payment, business insurance premiums can be an inconveniently large investment. This is particularly relevant in the current market, where rates are on the increase.

Premium Funding payment solutions can help to free up your company’s finances, enabling you to put them to more productive and immediate uses by investing in areas that directly impact the growth of your business.

It can also mean you don't need to compromise on the quality of your insurance cover...

With the online insurance market becoming increasingly popular, the role of an Insurance Broker for things like your vehicle or home may appear less relevant. When it comes to Strata Insurance however, it’s a very different story.

With complex legislation and the intricate, highly involved nature of managing Strata Insurance and Strata Insurance claims, the role of an Insurance Broker is more important than ever.

Monsoonal deluges and the flooding that ensued became a terrible catastrophe for thousands of Townsville residents earlier this year. Severe flooding caused widespread damage to an unprecedented number of properties, including residential strata.

In the aftermath of a flood, many depend on their insurance to help recoup losses. Sadly however, stressful situations are often made worse when people find out their Strata Insurance policy does not cover damage as a result of flood.

In the event of water damage due to a leaky pipe in a Strata property, who is responsible for paying the excess - the owner or the body corporate?

Could your company's balance sheet survive the operational downtime caused by an insurable event like a fire, storm or theft?

Property Insurance claim payouts can help to restore your premises, but how can you protect your financial position (i.e. income) while unable to trade? This is where Business Interruption cover steps in.

With the festive season in full swing, and 2020 steadily approaching, it’s fair to say we are all looking forward to a well-deserved break with plenty of fun and frivolity during the holiday season.

To help keep you, your home and your business safe, we’ve compiled Whitbread's ‘12 Tips of Christmas’ – so you can enjoy a fiasco-free holiday!

When it comes to payment, business insurance premiums can be an inconveniently large lump sum investment.

Find out how premium funding can evenly distribute this expense to free up your company finances, enabling you to put them to more immediate expenses that directly impact the growth of your business.

The role of a Strata Manager is continually increasing in complexity and responsibility. Below we address some key challenges affecting properties that can also impact the Strata Insurance - asbestos, non-compliant cladding, and property defects.