Strata Options: CHUiSaver Expands Digital Offerings

Strata insurance digital underwriting agency CHUiSaver has added legal expenses
and lot owners’ fixtures and fittings to its residential policy as optional covers.

CHU Chief Disruptor Ani Kakulapati says the options were added after feedback
from intermediaries and clients and reflected growing demand for tailor-made
strata covers.

“This will help strata owners to have the backup and peace of mind, if they wish
to opt for these covers,” he says.

“CHUiSaver was started with the intention of challenging and disrupting the
traditional strata insurance products. Providing the flexibility to opt in or out of certain
covers as required is part of that.”

The fixtures and fittings addition covers a potential risk due to installations or
replacements that lot owners may complete without the body corporate’s knowledge.
As a result they may not be included in a building replacement cost,
increasing the possibility of underinsurance.

The policy covers the replacement costs of the installations after loss or damage
by any event that’s not part of the exclusions.

Options for cover include the expense of professional fees if audited by the
Australian Taxation Office or another government organisation. Cover is also available
for the cost of appealing against common property health and safety breaches
and the cost of defending litigation brought under certain legislation.

CHUiSaver is the digital arm of specialist strata insurer CHU, which was established
in Sydney in 1978 and became part of Steadfast Group three years ago.
Polices are underwritten by QBE.

The insurer launched CHUiSaver to offer budget conscious customers with an
online alternative, while also allowing the company to explore more innovative
approaches.

The latest extra CHIiSaver options were added with minimal cost and the
insurer is continuing to look at ways to better understand and meet client needs,
Mr Kakulapati says.