Policy Overview

Section 1 – Buildings, Contents & Common Property

This section of the policy insures your buildings, contents & common property for any accidental damage or accidental loss unless excluded by the policy. These exclusions are found on pages 12, 13 & 20 of the policy wording.

There are a number of additional benefits provided under this section of the policy that can be found on pages 13 to 16 of the policy wording. These include but are not limited to:

• Catastrophe cover – up to 15% of the building sum insured
• Claims preparation costs - $10,000
• Trees, plants & shrubs - $5,000
• Common contents & property in the open air - $7,500
• Restoration of records - $5,000
• Fusion of motors up to 4 kilowatts (5hp)
• Loss of rent – up to 15% of the building sum insured (paid until the property is re-let)
• Emergency Accommodation costs
• Replacement of keys & locks
• Temporary accommodation of pets - $5,000
• Personal Property - $5,000
• No co-insurance clause (average provisions)

Section 2 - Liability

This section of the policy covers the Owners Corporation/Body Corporate for their legal liability in respect to an occurrence that causes personal injury to third parties or damage to property belonging to third parties.

This section also provides an additional benefit of Legal Expense Costs. This provides a maximum benefit of $20,000 in respect to legal costs you have to pay following legal proceedings brought against the insured. Subject to the terms and conditions of this cover outlined on page 24 and 25 of the policy.

Section 3 – Fidelity Guarantee

Fidelity Guarantee covers the amount of any loss that the insured incurs as a result of an act of fraud, or the dishonest use of money or assets that belong to you. The loss must occur during the period of insurance and must be caused by a person who is a member of the committee of the governing body of your buildings. This excludes a member who is an authorised strata manager, director, partner, representative or employee of a strata management company whom you have entered into any management agreement with.

Section 4 – Office Bearers Liability

Office Bearers Liability covers the amount that a person, who is a member or a former member of the committee of the governing body or duly appointed members of a sub-committee of your buildings, is liable to pay, as a result of that person actually or allegedly:

• Failing to comply with that person’s duty
• Not carrying out that person’s duty properly
• Incorrectly acting
• Making an incorrect or misleading statement

Section 5 – Voluntary Workers Personal Accident

This section of the policy provides monetary benefits in accordance with the Schedule of Benefits listed on page 30 of your policy in the event that a voluntary worker is injured or dies as a result of an accident while carrying out that voluntary work.

This section of the policy also provides cover for additional benefits including travel expenses and obtaining necessary domestic help (limited to $2,000).

Section 6 – Workers Compensation

This section of the policy provides cover in respect to the amount the insured becomes liable to pay if a person who is employed by the insured is injured while working for the insured. The amount payable is subject to the relevant Workers Compensation legislation in your state or territory.

This overview is intended as only a brief summary of the features, benefits, and covers provided by the Strata Unit Underwriters Residential Strata Insurance Policy. Each section of the policy is subject to exclusions, terms and conditions. For full details of the cover provided please refer to the Product Disclosure Statement & Policy Wording and Supplementary Product Disclosure Statement. Strata Unit Underwriters hold Australian Financial Services Licence Number 246719 and are authorised to provide Financial Product Advice and Deal in a Financial Product.