Commercial strata insurance safeguards against the financial implications of injury, loss, or damage in common areas for strata-title buildings. SHC Insurance Brokers is increasingly the body corporate, builders' and developers' partner of choice for commercial solutions, including commercial strata insurance.
About strata insurance cover
Strata insurance covers the building and all common or shared property and contents belonging to the owners’ corporation.
What a strata insurance policy covers
Strata insurance provides owners’ corporations and strata managers with building and contents insurance, public liability and optional covers. The type of strata insurance required will depend on the kind of building, its location and the amount of common property.
Type of cover
Potential benefits
Compulsory covers
Building and common contents
Building and common content including equipment, furniture, carpets etc in any common area for which the owners’ corporation is responsible. This can include cover for loss of rent or alternative accommodation due to an insured peril.
Public liability
If people are injured on common property.
Optional covers
Personal accident for voluntary workers
Compensation to any person injured while carrying out voluntary works on behalf of the owners’ corporation.
Office bearer’s liability
Office bearer’s liability For office bearer’s if a claim arising from wrongful acts by the office bearers.
Fidelity guarantee
Loss arising from misappropriation of funds belonging to the owners’ corporation.
Mechanical and electrical breakdown
Physical damage to machinery or electrical items caused by breakdown.
Who should consider strata insurance?
Strata insurance is compulsory for owners’ corporations of all strata-titled buildings Australia-wide.
