What is Common Property? In basic terms, the Common Property is everything on the strata scheme plan that is not an individual lot. This will usually include: the external walls, floors, ceilings, roofs, shared outdoor spaces (e.g. driveways, gardens etc), shared indoor spaces (e.g. lobbies, corridors, stairways etc), and shared facilities and services (e.g. lighting, underground services etc). The formal […]
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Important notice from SUU regarding a recent suspicious email Please be advised that some clients and business contacts may have received a suspicious email from an individual purporting to be a staff member at SUU at approximately 11:30am AEST on Thursday 11th June 2020. This email had the subject line of “Strata Unit Underwriters”. We believe this email may be […]
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What is an insurance replacement valuation? An Insurance replacement valuation is the estimated actual cost required to replace/rebuild the building in accordance with the requirements of each state or territories legislative requirements in the event that the building is destroyed or partly destroyed. What should an insurance replacement valuation include? An insurance replacement valuation takes into consideration the following items: […]
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Strata title is a unique form of property ownership that allows individuals sole ownership of part of a property (called a ‘lot’ – or more generally, a unit, apartment or townhouse), as well as a shared ownership in the common property (foyers, driveways etc). These multiple ownerships make up the legal entity called the Owners Corporation. The Owners Corporation is […]
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Some strata schemes can be complex and difficult to manage for the Owners Corporation without assistance from a professional, external manager. Professional strata managers exist to provide administrative assistance to Owners Corporations. For a service fee, professional strata managers will undertake many of the day to day functions of the strata scheme that otherwise would be handled by the Owners […]
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What financial obligations do lot owners have to the Owners Corporation? Strata schemes incur many of the same expenses that you would expect from any other dwelling, such as: council rates, utility charges for common areas, repair work, maintenance, and insurance. On top of these standard dwelling expenses, strata schemes may also incur other strata-specific expenses such as: building replacement valuations, specialised legal […]
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What is an Owners Corporation Committee? Owners Corporations can become large. Sometimes really large! Coordinating the management of the strata (or related) scheme by such large groups of individuals can become an administrative nightmare. Therefore, a committee is usually formed to administer much of the operation of the strata scheme on behalf of the Owners Corporation. Committee members are generally […]
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While we are living in uncertain times, we are here and ready to help our customers and our communities. We continue to place the health and wellbeing of our people and those of all our stakeholders first and have made a few changes to the way we do business to ensure we can continue to provide peace of mind & […]
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Strata Insurance Coverage Following on from our previous article where we explored “Strata Insurance Explained“, we now look further into other sections of cover offered within some strata insurance policies and touch on what strata insurance does not cover. Aside from Building damage cover and Public Liability, other forms of insurance Owners Corporations can add into their strata insurance policy, […]
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What is strata insurance? Strata insurance is a form of general insurance that is intended to meet the specific insurance requirements of the Owners Corporation in relation to their strata scheme. Strata insurance policies should be in the name of the Owners Corporation responsible for the strata scheme – e.g. Strata Plan 12345. Generally, strata insurance will be sold in […]
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