Building Replacement & Reinstatement
Provides cover for the building structure and any fixtures and fittings in Common Property areas.
Commercial Strata
Commercial Strata Insurance provides cover for commercial buildings under a strata title, ranging from retail shops through to multi tenanted industrial sites.
Sourcing Strata Insurance policies for commercial, industrial and mixed tenancy strata buildings can be difficult due to the varying business activities of the occupants.
Buildings or lots that are deemed to be hazardous by insurers, such as manufacturers that use chemicals or plastics, need to be marketed to insurers or underwriting agencies that are experts in multi-occupancy properties as they have the ability to underwrite properties with occupants of varying professions.
Whitbread’s dedicated Strata Insurance Brokers have a depth of knowledge and experience that enables them to assess and market your property to ensure you are comprehensively protected.
Below are some of the more common insurance policy features, however, the list is not exhaustive and some features may not be offered by certain insurers. Please refer to the insurer-specific policy wording for inclusions, exclusions, terms and conditions.
Covered Features
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Public Liability
Covers the legal liability of the Owners Corporation. This does not insure the liability of the unit owner, except where liability relates to the Owners Corporation’s property or common contents.
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Common Contents
Covers appliances, equipment, furniture, fittings and works of art in any common area for which the Owners Corporation is responsible.
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Personal Accident for Voluntary Workers
Provides compensation to any person who voluntarily works on behalf of the Owners Corporation. The volunteer worker’s name must be recorded in the books of the Owners Corporation.
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Loss of Rent and/or Alternative Accommodation
If a unit becomes uninhabitable as a result of an insured peril, the unit owner can claim for loss of rent or alternative accommodation during the period that the premises are unfit for occupancy, based on the rental value of a unit.
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Fidelity Guarantee
Protection for the Owners Corporation against fraudulent embezzlement or fraudulent misappropriation of the Owners Corporation’s funds and tangible assets.
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Office Bearers
Protects the members of the committee where liability has arisen from an alleged or wrongful act, omission or breach of duty. Covers the liability and legal costs up to the sum insured. Fraudulent acts are not insured under this insurance policy. This is an optional cover and an additional premium will apply.
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Machinery Breakdown
Provides cover for sudden or unforeseen physical destruction/damage to machinery. This is an optional cover and an extra premium will apply.
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Catastrophe
Provides an additional sum where the building is considered a total loss or partial loss due to catastrophe where a state of emergency is declared such as an earthquake, bushfire, tsunami or cyclone. NB: Coverage varies for this feature. Some insurers provide automatic catastrophe cover (e.g. 15% of building sum insured), while others will charge a premium to offer a selected percentage of the sum insured (e.g. 15% or 30%). Catastrophe cover is a specialised policy feature and should be discussed by the Owners Corporation if protection has not been purchased.
