Insurance for the common property of an Owners Corporation

The why what and how – DEAKIN University report

What the SCANSIT insurance report launch has achieved

Deakin university has done a comprehensive review and documentation of the why, what and how of insurance for owners corporation. This is a very comprehensive report that shows the different models used to place insurance for Owners corporation across Australia and New Zealand. It also explains why the owners corporations management firms receive part of the commission and details the amount of services provided by the owners corporation management firm in and around the placement of insurance. If you live in an owners corporation, this is a must read article.

This report was instigated by the SCA – Strata Community Australasia, the peak body for all things strata/owners corporations/body corporate. SCA formed a panel, the insurance task force, hence SCANSIT, to address the issues that face insurance for Owners Corporations in the far north of Australia. Various government agencies have delved into this issue, SCA needed to get the attention of Government, to help government understand the unique challenges faced with regard to insurance placement by Owners Corporations.