Question: Our building insurance is due mid 2019. Is the Owners Corporation able to renew this themselves or must it go through the Strata Management Company? We would prefer not to pay our Strata Manager insurance commissions. Answer: You need to check what your contract states with regard to strata manager insurance commissions. If…
As part of its update of various strata laws, the NSW Government is proposing a 2 per cent defects bond on all new strata buildings, as a way to protect owners and to guarantee that building defects which might appear in the first two years, can be re-mediated. This new measure is expected to be…
On 15 January 2015, the new amendments to the NSW Home Building Act 1989 introduced a new register for home owner warranty insurance (“HOWI”). The register records home owner warranty insurance contracts entered into after 1 July 2010. The team at J.S Muellers & Co Lawyers have written a useful update on this new home owner warranty…
Home warranty insurance generally protects an owners corporation from being out of pocket for the cost to repair building defects where the builder has been made bankrupt. In other words, home warranty insurance is intended to allow an owners corporation to be indemnified by the insurer for any loss it suffers as a result of incomplete…
The Latest FlatChat column in The Domain covers the very important topic of insurance. It uses an example of a strata unit that was flooded by the upstairs neighbours due to a malfunctioning dishwasher. The owner of the dishwasher acknowledges the cause of the damage to the unit below is from their flooding dishwasher, however did…