The recent passing of the Owners Corporations and Other Acts Amendment Bill, which will now be known as the Owners Corporations and Other Acts Amendment Act 2021, is due to take effect from 1st December 2021. One key amendment is the new minimum requirement for Public Liability Insurance. Under Part 2 – Amendment of Owners Corporation Act 2006, 30 Public liability […]
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Hello, It is with great excitement, that we share the news that Peter Ooi will be joining the SUU team on Monday, 19th April 2021 in the position of National Underwriting Principal. In this important role, Peter will have responsibility for underwriting strategy, capability development and assurance design within SUU. Peter will report directly to myself and take a key […]
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2020 had a significant impact on our industry and created the need for our underwriting security provider, CGU Insurance, to review their position on a number of topics to help better manage risk and align to our Reinsurance Treaty. Separately to this, on 18 February 2020, the Australian Securities and Investment Commission (ASIC) extended the Unfair Contract Terms (UCT) Bill […]
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Hello Today the team at SUU is incredibly excited to be recognised with the Gold medal in Insurance Business Australia’s Brokers on Underwriting Agencies annual survey for 2020. Adding to this excitement, I am incredible proud of the team at SUU for the commitment they have put in over the years to take SUU from strength to strength in the […]
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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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