Residential Strata Insurance  (strata-r 0409) - Policy Overview

Section 1 – Buildings & Common Contents

This section of the policy insures your buildings and common contents for physical loss, damage or destruction by any cause not otherwise excluded.

There are a number of additional benefits provided under this section of the policy that can be found on pages 9 to 14 of the policy wording. These include but are not limited to:

• Alterations & Additions
• Catastrophe Cover (automatic 15%)
• Emergency Accommodation/Meal Costs
• Emergency costs to minimise losses
• Fusion of motors up to 5kw (6.7hp)
• Inflationary Costs (CPI Increase)
• Loss of rent
• Modifications due to injury
• Property of Others

Section 2 – Glass

This section of the policy covers You for Breakage of Glass. This insurance is extended to include the Additional Benefits listed in Section 1, as shown on Pages 9 to 14.

Section 3 – Theft

This section of the policy covers you for loss or damage to Your Insured Property occurring during the Period of Insurance as a result of theft or attempted theft. This insurance is extended to include the Additional Benefits listed in Section 1, as shown on Pages 9 to 14.
In addition cover is provided for:

• Loss of Keys

Section 4 – Liability

This section of the policy covers the Owners Corporation/Body Corporate for their legal liability following an occurrence that causes personal injury or property damage.
This section of the policy is extended to also cover:

• Cover for Others
• Recreational Activities

Section 5 – Fidelity Guarantee

Fidelity Guarantee covers the amount of any loss that the insured incurs as a result of fraudulent misappropriation of their funds. The loss must occur during the period of insurance and must be caused by a person who has responsibility to care for and protect the funds.

Section 6 – Office Bearers

Office Bearers Liability will indemnify the committee members for Loss arising from a Wrongful Act which results in a Claim.

There are a number of additional benefits and extension of cover provided under this section of the policy that can be found on page 29 of the policy wording. These include but are not limited to:

• Advancement of Defence Costs
• Continuous cover
• Cross Liability

Section 7 – Voluntary Workers

This section of the policy provides monetary benefits in accordance with the Schedule of Benefits listed on page 31 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.

There are a number of additional benefits provided under this section of the policy that include:

• Domestic Assistance
• Funeral Expenses
• Miscellaneous Expenses
• Travel Expenses

Section 8 – Government Audit Costs

This section covers reasonable and necessary Audit costs incurred due to an investigation of your financial affairs by a Government body.

Section 9 – Legal Expenses

This section covers Legal Expenses you are liable to pay following legal proceedings brought against You.

Section 10 – Workplace, health & Safety Breaches

This covers you for legal expenses incurred in appealing against any imposition of an improvement or prohibition notice or determination made under any workplace, occupational health and safety or similar legislation.

Section 11 – Machinery Breakdown

This provides cover against sudden and unforseen physical destruction or physical damage to machinery that requires repair or replacement to enable normal working of the machinery to continue.

Section 12 – Lot Owner’s Improvements

This covers Damage to Lot Owners Improvements (i.e. new fixtures or upgraded fixtures to a unit) that are not otherwise covered in Section 1.

Section 13 – Workers’ Compensation

This section provides cover for employees and is subject to the relevant workers’ compensation legislation in the State or Territory where the employees are based.

Note: Some circumstances make workers’ compensation insurance compulsory is you have employees

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 PDS. Strata Unit Underwriters hold Australian Financial Services Licence Number 246719 and are authorised to provide Financial Product Advice and Deal in a Financial Product.