With the constant rise in building costs and the pressure on availability of resources in both labour and materials it is more important now than ever, especially following weather events to ensure strata clients buildings are adequately insured.
As such we are proud to announce a new service that has been designed and developed and now being rolled out to all our policy holders (with the exception of policies issued through SCTP) at no cost.
Detailed information about our new initiative can be viewed or downloaded from the “Documents & Forms” page of this website.
Here is how it will work:
- Prior to the upcoming renewal SUU will send the incumbent broker an email requesting the most recent valuation information (via an online form)
- SUU will update our underwriting file (with the response to the online form)
- Where the most recent valuation obtained by the insured is older than two years or where there is no response to the request, and we cannot identify a valuation or change to the building sum insured within the most recent period of insurance then SUU will obtain a valuation at no cost.
- Once the valuation has been completed, SUU will provide it to the incumbent broker (this will be prior to the renewal being provided)
- SUU will prepare the upcoming renewal with the Building Sum Insured in accordance with the valuation obtained
- Should the insured wish to endorse the existing policy with the new valuation value by way of a pre renewal endorsement please instruct us accordingly
At any stage, the insured and their representative will still retain the option to adjust the sum insured on the policy as they determine to be most appropriate at any time.
SUU are truly excited to be able to launch this first of its kind initiative in the distribution of strata insurance ensuring peace of mind for our bodies corporate for years to come.