Owners corp insurance renewal

[twinkle_star]

Our IP owners corporation insurance is up for renewal soon. We own one in a block of 3 townhouses where the other two townhouses are owned by the same people (who we purchased from last year).

A couple of questions:
1. Who should the insured be on the policy? Would this be the Owners Corp No. XXX rather than the owner's name?
2. Is cover for Common Area Contents necessary if the only common area is the driveway?

Thanks in advance.

 

[fernfurn]

I would imagine 'Owners Corp xx' We have 2 in body corp situations and both these are in a registered Owners Corp name. I cant imagine what contents would be needed, but mandatory of course would be Public Liability

 

[twinkle_star]

I can only think of if the driveway was damaged and needed to be fixed would that need to be covered by the Common Areas Contents part? Or would that be covered under another part of the insurance?

 

[brettc]

As mentioned the policy should be in the name of the Owners Corporation which could be for example "Owners Corporation for XYZ" including the scheme number etc.

If the only common area is the driveway then that would be covered under the building policy anyway, but in saying that, most insurer's these days provide common area contents as a free add-on as a percentage of the building sum insured, so not really an issue.