Marsh Advantage Insurance is a global leader in risk and insurance advice who works for YOU, seeking the most suitable policy, negotiating the best value premium and are on your side should you need to make a claim.
All bodies corporate in Queensland must comply with the insurance requirements of the Body Corporate and Community Management Act 1997. Whether your scheme is large or small, residential or commercial, industrial or Mixed Use, Marsh is your Strata Insurance Advantage.
MARSH ADVANTAGE INSURANCE
Marsh Advantage Insurance does not favour any one insurance company over another and will source quotations from as many insurers as possible to ensure the coverage is relevant to the Scheme along with the most competitive premium pricing. We are open and transparent with our fees for our services and try at all times to charge you a once-off fee rather than commissions.
The Marsh Advantage includes:
- You will always be provided with as many quotations as possible;
- Access to a more extensive pool of insurance companies and policies than ever before;
- Competitive new and renewing premiums;
- The expertise and advice from one of the worlds most respected insurance broking firms;
- Arranging of insurance certificates;
- Attendance at body corporate meetings (if required);
- Claims handling and advocacy from start to finish;
- Dedicated account manager that can handle all your insurance enquiries;
Not sure what is covered by the Body Corporate Insurance? Below is a summary of the types of policy sections available and what they actually mean: (The following information is to be used as a guide only as definitions and cover will vary between different insurers. When you are recommended an insurer, we suggest you review the policy wording for a complete overview of definitions and policy covers).
What Is Covered Under Body Corporate?
The Body Corporate Insurance policy will provide cover for the structure of the building. The Strata policy includes both the external of the building as well as internal as long as it forms part of the structure. This includes common property, external fixtures such as shade sails, internal walls, doors and tiling as well as bathroom vanities, kitchen cupboards/ islands and cooktops.
Resultant damages caused by leaking air-conditioners are also covered under the Strata policy (the physical split system air-conditioner isn’t covered in the Strata policy and is an owners responsibility regardless of where it is located).
Resultant water damage to the structure is also considered under the Strata policy; any investigations required to repair the cause of the damage is generally excluded. Please check with your Broker before providing advice to your Committee regarding what may be claimable.
What is not covered under Body Corporate?
The Body Corporate Insurance policy will not cover internal fittings such as window coverings (blinds, curtains etc), furniture, appliances, carpets and air conditioners that service single lots.
All buildings and outbuildings at the Location(s), including: All buildings and outbuildings at the Location(s), including:
a. fixtures and fittings and fixed furnishings excluding temporary fixtures and fittings as defined by Your Strata Act;
b. all services to the buildings;
c. fixed or built in plant, equipment and appliances;
d. anything perm
e. floor coverings excluding carpets;
f. tennis courts, in-ground pools and spas;
g. all other structural improvements at the Location including fencing, gates, paths and roadways;
h. retaining walls, awnings, blinds and signs;
i. marinas, wharves, jetties, docks, pontoons, swimming platforms or similar type facilities (whether fixed or floating) which are used for non-commercial purposes;
j. any other permanent fixture defined as Your Building in Your Strata Act
Buildings do not include:
a. illegal installations;
b. mobile or fixed air conditioning units servicing an individual Unit;
c. plants, lawns, trees, gravel, pebbles, rocks, stones, soil, sand, bark or mulch other than as covered under Additional Benefit Landscaping on page 12;
d. property including removable fixtures that a tenant or lessee is liable for under the terms of a rental agreement
e. temporary floor coverings, carpets, carpet underlay, curtains, blinds and window coverings inside a Unit.
Loss of Rent/Temporary Accommodation
a. Temporary Accommodation
The reasonable cost of Temporary Accommodation You necessarily incur if Your Lot/Unit is made unfit to be occupied for its intended purpose due to:
i. Damage to Your Insured Property that is admitted as a claim under Policy 1; or
ii. reasonable access to or occupancy of Your Lot/Unit being prevented by Damage from an Event claimable under the Policy happening to other property in the immediate vicinity.
When You have leased out or can substantiate by means of a signed agreement that You would have leased out Your Lot/Unit or Common Area We will pay the actual Rent You lose or would have lost if Your Lot/Unit or Common Area is made unfit to be occupied for its intended purpose due to:
i. Damage to Your Insured Property that is admitted as a claim under Policy 1; or
ii. reasonable access to or occupancy of Your Lot/Unit or Common Area being prevented by Damage from an Event claimable under Policy 1 happening to other property in the
iii. disruption to Your Tenants’ occupancy of Your Lot/Unit or Common Area that is made partially unfit to be occupied for its intended purpose.
Common contents are domestic appliances, equipment, furniture and fittings for which you are responsible or for which you have assumed responsibility to insure in any common area or while in the building or temporarily removed to another building for repair or service.
Covers for compensation or expenses which you become legally liable to pay in respect of personal injury or property damage, as a result of an occurrence arising in connection with the ownership of the property.
Pays compensation, to any voluntary worker who suffers injury as a result of an accident, which is defined and covered under the policy wording (such as death, loss of sight or limbs, quadriplegia or paraplegia, total permanent disablement).
A voluntary worker is any unit owner or other person working on your behalf in connection with the property and at your direction, without fee or reward or any expectation of fee or reward.
This provides cover for the Body Corporate group funds which are lost as a result of theft, embezzlement, misappropriation, conversion or fraud.
Office Bearers Liability
Covers claims made against any committee member (or former members) of the body corporate, arising out of a wrongful act in relation to carrying out their duties in relation to managing the scheme.
Covers breakdown of electrical, electronic and mechanical plant (such as air-conditioning units and pool pumps).
Provides additional cover to your sum insured for building, common contents and loss of rent where damage was caused by an event declared as a state of emergency. Following a catastrophe, re-building costs have in some instances been known to increase by more than 50% due to an increase in demand for construction.
Legal Defence Costs
Legal fees, costs, and expenses which you incur in legal proceedings initiated against the body corporate.
Appeal Expenses (Occupational Health & Safety)
Costs incurred in appealing against any an improvement, prohibition notice or determination by any court or tribunal made under any, occupational health and safety or similar legislation.
Covers the cost of professional fees (such as accountants fees) if you are audited by the Australian Tax Office or another government organisation.
Lot Owners Fixtures & Fittings
Covers accidental loss or damage to Lot/Unit Owners Fixtures and Improvements in a Lot/Unit occupied solely for residential purposes.
The covering of normally dry land by water that has escaped or been released from the normal confines of any of the following:
- A lake (whether or not it has been altered or modified);
- A river (whether or not it has been altered or modified);
- A creek (whether or not it has been altered or modified);
- Another natural watercourse (whether or not it has been altered or modified);
- A reservoir
- A canal
- A dam