BODY CORPORATE (STRATA) FIXTURES & FITTINGS INSURANCE ISSUES
"In accordance with the Body Corporate and Community Management Act 2008, a Body Corporate must ensure Common Property and Body Corporate Assets and also "Buildings" in which lots are located.
There are many additional inclusions on the Insurance Policies, some of which we are often asked about at the meetings that we attend, in particular, we are often queried on what Lot Owners Fixtures and Improvements includes, as this is generally set at $250,000.00 per lot. Lot Owners Fixtures and Improvements is defined as any fixture or structural improvement, other than Floating Floors, installed by the Lot Owner for their exclusive use and which is permanently attached to or fixed to Your Building so as to become legally a part of it, including any improvements made to an existing fixture or structure and is claimable in the event of Accidental Loss or Damage which occurs during the period of Insurance.
An example of this is if a kitchen or bathroom is renovated. An important aspect to remember however is that if you have done, or are doing renovations to your unit a Valuation should be completed and this should be sent to your Body Corporate Manager for noting on the Insurance Policy in place for the Body Corporate.
This will ensure that in the event that there is a claimable event, documentation is in place to show that renovations were undertake in the unit and will also reflect the value of same. Information is also available in the Product Disclosure Statement that is supplied by your Insurer.
If you would like to see this document, or need further clarification, please contact your Body Corporate Manager"
|Tags: Strata Fixtures & Fittings|