If contracted to do so, a Strata Manager’s key role is to assist strata companies implement their financial and legislative responsibility of maintaining their insurance. Strata Fundamentals – Risk Management and Insurance (General) session aims to equip strata managers with some practical information to better understand Strata Insurance and the importance of Risk Management for the strata schemes they manage.

Subjects covered in this session include:

• How managing risk can reduce liability claims
• What the legal requirements are for a strata company to have insurance?
• The main insurance coverages available to strata companies
• The quote evaluation process and how to facilitate it,
• Characteristics of an insurance contract
• The difference between factual information and general advice for Authorised Representatives
• Tips for lodging insurance claims - things you should do and things you shouldn’t do.

Please note that the content presented in this morning session is primarily from the A100. 

Strata Fundamentals Insurance (Advanced) Session takes a deep dive into understanding the insurance requirements as outlined in the Strata Titles Act.  Strata Managers will receive a better understanding of general information that’s required to underwrite a risk and calculate the premium. 

The differences between insurance for built strata, survey strata, leasehold and community titled strata will be explained and some helpful tips for managing Complex Claims will be provided.