Elements and Performance Criteria
- Establish legislative requirement for insurance.
- Clarify insurance requirements for strata community.
- Legislative insurance requirements for strata community are communicated to strata community.
- Information on optional insurance cover is provided to strata community.
- Relationships with insurers and insurance brokers are disclosed to strata community.
- Information on extent of insurance cover is communicated to individual lot owners.
- Situations requiring specialist advice are identified and assistance is sought as required.
- Authority to obtain quotations from insurers or insurance brokers for strata community is obtained from owners committee.
- Insurance proposal documentation is completed.
- Arrange valuation of asset for insurance purposes.
- Source documentsare obtained.
- Information on assets to be insuredis gathered.
- Valuation specialist is engaged to advise on value of asset.
- Valuation is recorded and associated documentation, including statement of limitations in determining value of asset, is stored for ease of retrieval.
- Information on value of asset is provided to strata community and as required to insurer.
- Place insurance.
- Suitable insurers or insurance brokers are identified and quotations and product information are obtained in line with instructions from strata community.
- Insurance quotations are reviewed to ensure accuracy and compliance with strata community, legislative and organisational requirements.
- Insurance quotations and associated documentation are communicated to the strata community.
- Adequate insurance policies and cover are acquired in line with instructions from the strata community.
- Certificates of currency for insurance policies for strata community are maintained and stored securely.
- Potential risks are monitored and communicated to strata community and strata community’s insurer.
- Assist with lodging insurance claim.
- Review insurance arrangements.