The General provisions of relevant SA legislation mean that the Strata Corporation must insure all buildings and other improvements on the strata site for their full replacement cost. They must also take out Fidelity Insurance to the value of the maximum total balance of their bank account in the preceding three years, or $50,000 whichever is greater. In addition, the Strata Corporation must also take out legal liability insurance to the value of at least $10,000,000.
What does Strata Insurance cover in SA?
It is important to note that not all policies are created equal. You can speak with our insurance specialists to ensure your property needs are being addressed and delivered. Key coverages to understand and consider as follows:
Building and Common Propery
Protection for the common and physical assets against accidental loss of damage.
Indemnifies the Owners Corporation against Legal Liability towards personal injury or property damage.
This section of cover provides compensation for loss of income to a person, or their estate, when they sustain bodily injury whilst voluntarily working on behalf of the Body Corporate.
Office Bearers Legal Liability
Protects office bearers and committee members against legal liability to pay compensation for wrongful acts, errors or omissions in carrying out their duties.
Provides protection against the fraudulent misappropriation of funds.
Protecting your machinery, plant and equipment from unforeseen loss and breakdown events.
Protection against the sudden escalation of building costs and time to reinstate following a declared catastrophic event.
Legal Defence Costs, Government Audit and Health & Safety Breaches
Coverage and protection for professional fees and legal expenses in defending actions brought against the Owners Corporation.