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A guide to Strata Insurance claims

By Lia de Sousa on

As a Strata Manager, your days are generally spent ensuring that the needs of your clients are met. Owners expect quick and timely action on all matters, particularly when it comes to claims!

Whitbread understand that claims management comes with high expectations, and pressure from owners to achieve their desired outcome. Our consultants manage the claims process, working to achieve the best possible outcome for your clients.

Benefits of using an insurance broker to manage Strata Insurance claims: 

1. Increased efficiencies in your Strata business.  

Placing Strata Insurance through a broker like Whitbread, can create efficiencies within your business from a time saving perspective. 

Our team assist you and your clients by managing claims from lodgment to settlement, giving you more time to focus on the myriad of demands in your role as a strata manager.

2. Achieving the best possible outcome for your clients. 

By engaging an insurance broker, you and your clients are in a strong position to achieve the best possible claim outcome. Not only does this benefit your clients, but it also works to enhance your business reputation and relationship with them. Delivering the news a claim settlement is to be paid in full is far better than the alternative!   

There are a number of key elements Whitbread’s claims team employ to help ensure your clients reach the best possible claim outcome…  Article image 3

a) Technical knowledge and experience        

Our specialist strata claims consultants have strong technical Strata Insurance policy knowledge, giving them valuable leverage when negotiating with insurers. Exploring every avenue, we challenge conventional approaches and seek to employ new and innovative methods when necessary, to deliver the best result for your clients.   

b) We advocate for your clients

As an insurance broker, we represent your clients, not the insurer. This means we advocate for your clients in the event of a claim, pushing for the best settlement outcome possible on their behalf.  

Whitbread are proud of the strong and long-standing professional relationships we have formed with insurers over the years. These relationships are of great benefit to your clients, especially in the event of a claim. Negotiations are commonplace, and excellent communication channels are paramount in achieving the best possible outcome for clients.  

c) Dedicated consultants to manage claims from start to finish 

We understand the claims process is when you and your clients need our guidance most. In the event you need to lodge a claim on your client’s behalf, you will have a dedicated Strata Insurance claims consultant specifically assigned to manage and settle the claim.  

Your consultant will be there to answer all of your questions, lodge your claim, report and communicate progress, overcome hurdles and provide you with expert, and impartial advice.

We coordinate and facilitate the conversation between assessors, insurers and repairers, ensuring they are efficient in reaching a fair and accurate outcome. Having one dedicated consultant ensures continuity in the management of claims, and a more efficient road to settlement.    

3. Scrutiny of all claim denials  

Our strata claims consultants scrutinise all claim denials, and evaluate whether the insurer’s denial falls within the scope and intent of the policy issued. If your clients are not satisfied with the  claim denial or outcome, there are options to escalate the matter.

Under Australian Law (Corporations Act 2001 – Regulatory Guide 165.1), institutions e.g. insurers who are licensed through the Australian Securities & Investments Commission (ASIC), are required to have 2 distinct disputes and complaints resolution processes: 

1. an internal disputes resolution (IDR) process, where the dispute is dealt with by the insurer, and,

2. an external disputes resolution (EDR) scheme where an independent body is consulted to provide impartial advice.

These mechanisms are mandatory, and ensure that any disputes or complaints lodged with an insurer are dealt with in a manner that complies with ASIC standards. 

How Whitbread assist: 

When claims aren’t resolved as initially expected, and your client wishes to take it further, Whitbread will handle the IDR and EDR process on your client’s behalf, in pursuit of a better outcome. 

Whitbread's claims consultants are highly experienced in aiding clients with this process, and are always here to assist.

Key tips to ensure an efficient claims process...

1. Provide all relevant information at the outset 

Ensure you provide your Strata claims consultant with all relevant information and documentation as soon as possible. This will help avoid unnecessary delays in the claims process. 

2. Communication is key! 

Communicate with your clients regarding the importance of prompt claim notification. The sooner you are able to notify your broker, the sooner the issue can be rectified. This in turn reduces the likelihood of further damage occurring, or issues arising.  

Click here to download our complete claims checklist.  

 

For more advice on the strata claims lodgment process, or to speak to one of our claims consultants, please contact Whitbread Insurance Brokers:  

T: 1300 424 627
E: info@whitbread.com.au 

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This article is not intended to be personal advice and you should not rely on it as a substitute for any form of personal advice.  Please contact Whitbread Associates Pty Ltd ABN 69 005 490 228 License Number: 229092 trading as Whitbread Insurance Brokers for further information or refer to our website.

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