Pr Product uct Features res Res esidentia dential l & Commer erci cial al Str Strata Con Iconomidis State Manager, QLD
Today • Who we Are / What we do • Claims Service - Feedback • Residential & Commercial Strata Product features • Some examples
Who we are… • Strata Community Insurance – what’s in a name/logo? • Founders of the company – Four decades of experience – Australia, USA (35 states), UK & UAE • Australia’s leading strata insurance practitioners – 35 Staff Australia wide, underwriting & claims specialists – Qld = 8 staff, 60+ years of strata experience • The Strength of Experience … – Value not just what you do, but how you go about it – Risk mitigation throughout the insurance process
• Partnership with Allianz exceeds initial targets • Provided intermediary training sessions for over 500 individuals on product & strata topics • In-house Claims handling in full swing – 1008 claims reported – 99.4% of claims actioned within 24 Hours. – Over 400 claims paid into the Insureds bank account within 24 hours.
Moment of truth 1
Moment of truth 2
Moment of truth 3 – Feedback from a Chairman
Residential & Commercial Strata Product Features • Standard product features – The important covers you have come to expect – Broadest form of cover available in the market – Backed by local and experienced claims service • What’s new & different – About 17 new or improved covers
Residential & Commercial Product New & improved benefits Section 1 – Insured Property Section 2 – Liability to Others • Financial loss • Emergency Accommodation • Strata Community Manager • Electric Motors Defence • Key, Lock Replacement • Adjoining Property Extension • Removal of Nests • Section 5 – Fidelity guarantee Removal of Illegally Deposited Rubbish • • $2,500 cost towards external Fallen Trees auditors to support your claim • Building Alterations/Addition • Act of Terrorism Section 6 – Office Bearers Liability • Title Deeds • Reinstatement of the Sum Insured • Sale of Lot Section 11 - Loss of Market Value • Environmental Improvements • New Cover
Emergency Accommodation • Emergency Accommodation benefit available to tenants when more than one lot is affected and the building is unfit to be occupied as the result of an admitted claim . San Marino By the Sea CTS 27534
Keys, lock replacement If keys to Your Insured Property are accidentally lost or stolen , We will pay up to $5,000 for the reasonable costs You necessarily incur in: (a) re-keying or re-coding locks together with replacement keys; or (b) replacing locks with locks of a similar type and quality if they cannot be re-keyed or re-coded; to restore security to the same level of security that existed prior to the loss of these keys.
Removal of Illegally Deposited Rubbish • Up to $5,000 for the reasonable costs of clearing and removing illegally deposited rubbish
Electric Motors • Our policy allows up to $5,000 of coverage with no limitation placed on KW output of an electric motor.
Removal Of Nests • Covers removal of wasps and bees nests up to $1,000 to avoid public safety risk
Fallen Trees • Covers reasonable professional costs incurred for the removal and disposal of trees and branches with no monetary limit. Some other policies may only cover up to $5,000 which may not be sufficient. Uni ni lod odge ge Roc ockha khampt mpton on - CTS 27646
Terrorism Cover Automatic cover up to sums insured of • $100,000,000
Terrorism gap explained • Commercial – ARPC provides cover where occupancy 50% or more commercial. • Gap = Owners in Commercial (mixed use) building where commercial occupancy < 50% • Problem = ARPC would not lower criteria to pick up gap ( subject to further review ) • Solution = SCI extend arrangements with Allianz to pick up the class of owner – the only provider! • Gap eliminated – lower risk for owners, strata managers, and their Insurance broker
Se Sect ction on 11 1 – Lo Loss of of Mar arket t val value ue New ew U Uni nique ue Cove over For the first time ever, owners in such a scheme can buy insurance up to the full market value. Essential cover to keep liquidity in sales within the scheme, and to satisfy nervous financiers.
Q & A
The Strength of Experience
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