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Target Market Determination is a document that describes who the product is appropriate for (target market), and any conditions around how the product can be distributed to customers.
Our Commercial Strata policy encompasses additional and increased benefits over the minimum required by law.
Outlines key policy changes, and should be read in conjunction with latest Product Disclosure Statement and Policy Wording.
Our Commercial Strata policy encompasses additional and increased benefits over the minimum required by law.
If your building is insured for less than its replacement value, there may be a shortfall in your claim after a major loss. If this eventuated, this would leave lot owners responsible for covering the shortfall. Ensure valuations are a regular agenda item at your building’s AGM to reduce the risk of underinsurance.
A professional strata building valuation is the most common way to determine the appropriate sum insured.
The valuation should cover:
- Full reinstatement (like-for-like rebuild)
- Debris removal and professional fees
- Inflation and cost escalation
CHU automatically indexes your sum insured at renewal, but valuations should be carried out regularly. In some states, valuations are legally required every five years.
It covers legal costs if claims are made against members of the strata committee. Protection applies to wrongful acts, errors, or omissions committed while carrying out official duties.
They are permanent improvements installed by a lot owner for their exclusive use. Examples include upgraded floorboards, renovated bathrooms or built-in cabinetry. These become part of the building once installed.
No. Strata policies cannot be cancelled mid-term by individual lot owners. Strata insurance is held by the Owners Corporation, not individual owners. If an owner has sold their unit they are no longer party to the strata policy. Any adjustments such as levy contributions would be typically managed by your conveyancer through the property settlement process.
Common area contents are items owned by the Owners Corporation that are located in shared spaces.
Examples include:
- Garden furniture in courtyards
- Curtains or blinds in communal areas
- Fire extinguishers and shared appliances in common areas
Permanent fixtures like driveways and letterboxes are covered under the building sum insured, not contents.