Nexus at St Leonards, 13-15 Atchison Street, St Leonards

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Home Category Blog What is covered by insurance at Nexus?

What is covered by insurance at Nexus?

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In general terms, an Owners Corporation is responsible for the following main insurances:

* The main building and any outbuildings
* Public Liability
* Workers Compensation
* Voluntary workers cover

Everything you need to know, according to the NSW Strata Schemes Management Act 1996, can be found in Part 4 - Insurances: Sections 81 thru 95.

The NSW Strata Schemes Management Regulation 2010 provides 2 references to Insurance and these can be found in Part 3 - Insurance: Regulations 11 and 12.

 

Building Cover Insurance

The Owners Corporation has a duty to cover all buildings in the Strata Scheme under a Damage policy with an approved insurer.  The 'building cover' includes not only the structure but also the common property fixtures and fittings such as carpets in common areas, hot water systems, light fittings, toilet bowls, sinks, shower screens, cupboards, internal doors, stoves, common air conditioning systems and intercom systems, etc.

For details of what's included in the definition 'building' refer to the NSW Strata Schemes Management Act 1996: Section 81-Building.

 

Contents Insurance

This type of insurance is probably the one most people are familiar with and lot owners should carefully consider taking out contents insurance to ensure their property (i.e. their lot) is protected from damage, fire, theft or loss.

Everything within the lot, which doesn't form part of the building, should be insured under a contents policy.  Items such as furniture and furnishings, floorcoverings and wallcoverings, light fittings, wall and ceiling paint, clothes, appliances and equipment, paintings, personal items and so on should all be covered under a contents policy.

Often there's much confusion as to whether items are covered under the Owners Corporation's insurance or whether they're covered under the owner's contents policy.  Therefore owners need to discuss these issues with both the insurer (or broker) AND the Executive Committee PRIOR to taking out a policy so that it's very clear, right from the outset, what's covered by what insurance.

 

See also Strata Community Australia "Who's Responsible - A Guide to Common Property"

 

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