CHU to increase minimum Public Liability Cover from $10 million to $20 million
The soon to be implemented Owners Corporations and Other Acts Amendment Act 2021, requires that all Owners Corporations located in Victoria must hold a minimum of $20 million for Public Liability insurance from 1st December 2021.
CHU welcomes this reform to the Victorian strata laws increasing the requirement of each Owners Corporation to have increased liability cover.
As such, from 1st December, CHU is pleased to advise an automatic increase to the $20 million minimum liability insurance limit for all CHU Victoria strata insurance policies that currently have less than the required $20 million. This will be at no extra cost to the Owners Corporation.
The new limit of $20 million liability cover will apply to all current polices, new business quotations and renewals, with effect from 1st December 2021.
For more information on the new strata legislation and regulations please follow the click the link Owners Corporations and Other Acts Amendment Act 2021.