Section 1 – 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.

There are a number of additional benefits provided under this section of the policy that can be found on pages 14 to 16 of the policy wording. These include but are not limited to:

• Reinstatement of Sum Insured
• Undamaged Foundations
• Rewriting of Records
• Emergency Accommodation costs
• Fire Extinguishment Costs
• Loss of Land Value
• Fusion of motors up to 4 kilowatts (5hp)
• Loss of rent – up to 15% of the building sum insured (paid until the property is re-let)
• Temporary Protection and Security Guard
• Government Fees
• No co-insurance clause (average provisions)

Section 2 - 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.

Section 3 – 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. The loss must occur during the period of insurance and must be caused by a person who is a member of the committee of the governing body of your buildings. This excludes a member who is an authorised strata manager, director, partner, representative or employee of a strata management company whom you have entered into any management agreement with.

Section 4 – 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

Section 5 – Voluntary Workers Personal Accident

This section of the policy provides monetary benefits in accordance with the Schedule of Benefits listed on page 33 of your policy in the event that a voluntary worker is injured or dies as a result of an accident while carrying out that voluntary work.

This section of the policy also provides cover for travel expenses incurred in obtaining medical treatment. (limited to $2,000).

Section 6 – 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.

This overview is intended as only a brief summary of the features, benefits, and covers provided by the Strata Unit Underwriters Commercial Strata Insurance Policy. Each section of the policy is subject to exclusions, terms and conditions. For full details of the cover provided please refer to the Policy Wording. Strata Unit Underwriters hold Australian Financial Services Licence Number 246719 and are authorised to provide Financial Product Advice and Deal in a Financial Product.