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 insurance in Section 60(3) of the Owners Corporation Act 2006, for “$10,000,000” substitute with “$20,000,000”.

This amendment requires all properties located in Victoria, that are governed by the Owners Corporations and Other Acts Amendment Act 2021, must hold a minimum of $20,000,000 for Public Liability Insurance from 1st December 2021.

In preparation for this upcoming requirement and in line with SUU’s purpose of providing peace of mind for the strata community, we will be initiating a minimum Public Liability limit of $20,000,000 for both our Residential and Commercial strata policies taken out for all properties located in Victoria. This change will be effective from 1st July 2021.

    All renewals effective from 1st July 2021 will be issued with a minimum Public Liability limit of $20,000,000;

    All quotes effective from 1st July 2021 will be issued with a minimum Public Liability limit of $20,000,000;

    All current policies with a Public Liability limit of less than $20,000,000, that remain effective with an expiry date after 1st July 2021, will receive an automatic Public Liability limit of $20,000,000 for no additional premium, on 1st July 2021 and for the remaining term of the current policy period.

You can find further information about these changes here:

https://www.legislation.vic.gov.au/as-made/acts/owners-corporations-and-other-acts-amendment-act-2021

We encourage you to seek professional legal and/or insurance advice in relation to the application of these changes.

If you have any further questions regarding SUU’s response to these changes please do not hesitate to contact your local SUU Business Relationship Partner or team member at info@suu.com.au

Categorised in: ,