Q:

What is covered under the Owner's Corporation Building Insurance Policy?

A:

· Cover afforded under most policies issued by Building Insurers is in respect of accidental loss or damage to insured properties

· Insured properties can generally be defined as: fixtures, fixtures and improvements of a structural nature. Specific examples include: Fire, lightning, explosion, storm, water, earthquake, malicious damage / vandalism (including that caused by tenants), vehicle impact, theft, glass breakage and fusion of electrical motors

· Maintenance issues should not be confused with insurance cover. Maintenance matters are not covered under policies issued by Insurers

· BPS Strata Maintenance specialises in Insurance and Maintenance problems

Q:

What is an Insurance Excess?

A:

· The Owner's Corporation (or the Lot Owner) must pay or contribute the amount of any Excess shown in the Policy for each claim made (if applicable).

· Payment of the Excess may be requested when the claim is lodged

Q:

What is Common Property?

A:

· The area of land and building in the Strata Scheme which do not form part of any Lot

· Services related to the common property (such as pipes and cables)

· Moveable or fixed items regarded as part of the common property (such as carpets in lobbies, fire extinguishers and air-conditioners)

Q:

What would be some examples of Owner’s Responsibility not Body Corporate work?

A:

· Taps, cisterns, cistern cones, ball valves, outlet valves, toilet seats

· If an individual Hot Water Heater is in the unit or the roof space (unless a common HWH), HWH relief valves, stop cocks, check valves are Owner's Responsibility

· Paint, carpets, wallpaper damaged by water, impact, fire and smoke (excluding fixtures) is covered under Owner's Contents Insurance