What Is Generally Covered Under A Typical Body Corporate Insurance Policy

The following is a guide of what is generally covered by a Body Corporate insurance policy. For specific information regarding your Body Corporate, go to StrataMax or contact our Insurance Manager on (07) 3831 1520.

1. Building and Common Area Contents

The building and common contents are covered for accidental damage from events or causes including fire, lightning, explosion, storm, rainwater, aircraft, earthquake, riot, civil unrest, malicious damage, impact, bursting - leaking - overflowing water tanks and pipes, burglary, glass breakage, fusion, and any other accidental loss or event not excluded under the policy.

• Building
  All building and underground services forming part of the Body Corporate including: Baths, hand basin, shower screens, toilets, sinks, stoves, ducted air conditioners, built-in cupboards as well as doors, windows and fixed tiling. Paintwork, wallpaper, light fitting and fencing within common areas are also part of the building.
  
  
• Common Area Contents
  Includes carpets in hallways and lobbies, pot plants, mirrors and other decorations in common areas. Body Corporate owned washing machines and dryers for use of all owners and kept in a common laundry facility. Other common property assets such as barbecue and gardening equipment, outdoor and patio style furniture is also included.
  
  
• Personal Contents
  Insurance on the following items within the lot is the responsibility of the
  lot/unit owner: Carpets, light fittings, curtains, blinds, all personal equipment and valuables, furniture, white goods, split system air conditioners and household items as well as public liability inside the lot. Policies should meet specific circumstances of the building.

2. Legal (Public) Liability

This policy covers the Body Corporate as owners of their building and common area contents for amounts they become legally liable to pay in respect to personal injury or property damage arising out of an accident happening anywhere in Australia.

3. Office Bearers

Office Bearers of the Body Corporate are indemnified if they become legally liable to pay compensation for a wrongful act.

4. Building Catastrophe

Covers the escalation of costs (due to a shortage of materials and labour) of reinstatement or replacement of the building caused by a catastrophic event.

5. Other

There are other policies available to a Body Corporate including: Machinery breakdown (machinery over 4kwatt), Fidelity Guarantee (fraudulent misappropriation of Body Corporate funds) and Voluntary Workers (compensation for injury while voluntarily working on behalf of the Body Corporate).