Insurance Available
Commercial Strata:
The Commercial Strata Insurance Plan provides an 'all in one' cover for your building and the contents of your common areas, as well as including important complimentary covers and a range of additional and special benefits which include the Legal Defence Expenses cover, to ensure the body corporate receives optimum cover. The covers that are available under a Commercial Strata Policy are as follows:-
BUILDINGS & COMMON CONTENTS This section of the policy insures your buildings and common contents for physical loss, damage or destruction by any cause not otherwise excluded.
LIABILITY This section of the policy covers the Owners Corporation/Body Corporate for their legal liability in respect to an occurrence that causes personal injury to third parties or damage to property belonging to third parties.
FIDELITY GUARANTEE Fidelity Guarantee covers the amount of any loss that the insured incurs as a result of an act of fraud, or the dishonest use of money or assets that belong to you.
OFFICE BEARERS LIABILITY Office Bearers Liability covers the amount that a person, who is a member or a former member of the committee of the governing body or duly appointed members of a sub-committee of your building, is liable to pay, as a result of that person actually or allegedly:
• Failing to comply with that person's duty
• Not carrying out that person's duty properly
• Incorrectly acting
• Making an incorrect or misleading statement
VOLUNTARY WORKERS PERSONAL ACCIDENT This section of the policy provides monetary benefits in the event that a voluntary worker is injured or dies as a result of an accident while carrying out that voluntary work.
MACHINERY BREAKDOWN This provides cover against sudden and unforseen physical destruction or physical damage to machinery that requires repair or replacement to enable normal working of the machinery to continue.
WORKERS COMPENSATION This provides cover in respect to the amount the insured becomes liable to pay if a person who is employed by the insured is injured while working for the insured. The amount payable is subject to the relevant Workers Compensation legislation in your state or territory.
|
