Body Corporate Insurance

[AndrewS]

From: Andrew S


I have another question if someone can help me out.

I have just viewed a vendors statement that contains the Body Corporate Certificate. On this certificate it includes info regarding BC Insurance. I understand that one component of this is public liability. The other component is for building.

What does this cover? I thought that I would need separate insurance to cover the building that I am purchasing!

Looking forward to some help here.

Regards
Andrew

 

[duncan_m]

Reply: 1
From: Duncan M


The Body Corporate (the Strata Group) is responsible for insuring the building. Its still wise to take out a small policy that covers the gap and will in fact pay you out directly then recover their own money from the Strata Group.. National Australia Bank offer such a 'gap' policy.

Regards,

Duncan,

 

[WebBoard]

Reply: 1.1
From: Sergey Golovin


Andrew,

You do not have to purchase building or public liability insurance as it would be paid by the Body Corporate, but you have to contribute money to BC or Strata Management Co. in form of strata levy sort of speak (could be once year or quarterly). You give them you money and they will hand it over to someone else and "charge" you for it. Well, you know the rules - you have to be team player.

Basically (in simple format) it will cover everything on the outside (car port, etc.) and building it self (the bricks and windows, etc.).

Anything on the "inside" it is up to you. This is where home and contents and/or landlord insurance come in (sort of speak).


Not much of help but hope it helps.

Serge.