Detailing what is Cyber cover and what is covered.
CHU Underwriting Agencies has today announced the inclusion of Cyber cover within its residential strata insurance policy, providing bodies corporate with protection against one of the fastest-growing risks facing the sector: social engineering fraud.
Automatically included for eligible policies, Cyber cover provides up to $50,000 for a single loss during the period of insurance, helping protect strata communities from financial loss caused by the fraudulent misdirection of funds.
Social engineering fraud, a form of cybercrime in which a third party impersonates a trusted contact to manipulate payment instructions, is an increasingly common threat impacting committee members and lot owners. CHU’s enhanced policy responds to this risk, offering practical, real-world protection where it matters most.
“This is about recognising how risk is evolving for strata communities,” said Head of Underwriting Steve Tchepak.
“Cyber threats are no longer abstract or confined to large organisations. They occur in everyday transactions, such as invoices, levy notices, and supplier communications.”
“By including Cyber cover as a standard feature, we are helping bodies corporate navigate this risk with greater confidence.”
The cover applies to loss resulting from social engineering fraud related to the body corporate’s usual activities. Reflecting the shared and interconnected nature of strata operations, it extends protection to office bearers, committee members and lot owners.
“This enhancement reflects CHU’s ongoing commitment to strengthening strata communities,” continued Steve. “By anticipating emerging risks and embedding practical protections into our policies, we continue to support brokers, strata managers and owners with solutions that evolve alongside the environment they operate in.”
Typically, owners corporation insurance does not cover the personal belongings of individual unit owners/residents. Owners corporation insurance only covers the shared or common property within the strata building.
An owners corporation (also known as a body corporate in some states) manages and maintains common property in strata-titled buildings. Insurance is essential to help maintain and protect shared areas and assets from damage, liabilities or unexpected events.
The policy continues to protect the association, and Office Bearers’ cover (if selected) applies to committee members while they are acting within their role.
Like our Residential Strata Insurance Plan, our Commercial Strata Insurance plan covers common areas including driveways, lifts and pools in the event of damage to or destruction of the building. This policy will also provide liability cover in the event the strata scheme becomes legally responsible to pay compensation for personal injury in connection with the insured property and is mandatory for commercial strata title properties across Australia. If 20% or more of your strata property is used for commercial purposes, you will need a Commercial Strata Insurance Plan.
How do I measure whether my strata is more than 20% commercial?
This can be calculated using the building’s floor plans (also known as strata plans). If you aren’t sure, our customer service team can assist.
No. Strata insurance does not cover construction defects, wear and tear, or poor maintenance. It is designed to cover insured events such as fire, storm or water damage.
If 20% or more of the strata scheme is used for commercial purposes, a commercial strata policy applies. If less than 20% is commercial, a residential strata policy is issued.
CHU insures residential, commercial and mixed-use strata properties and community associations. This includes apartments, townhouses, villas, offices, shopping centres and industrial estates.
No. Personal contents such as furniture, appliances and valuables inside your lot are not covered. Separate contents or landlord insurance is required for these items.