Pr Product uct Features res Res esidentia dential l & - - PowerPoint PPT Presentation

Pr Product uct Features res

Res esidentia dential l & Commer erci cial al Str Strata

Con Iconomidis State Manager, QLD

Today

• Who we Are / What we do
• Claims Service - Feedback
• Residential & Commercial Strata Product

features

• Some examples

Who we are…

• Strata Community Insurance

– what’s in a name/logo?

• Founders of the company

– Four decades of experience – Australia, USA (35 states), UK & UAE

• Australia’s leading strata insurance practitioners

– 35 Staff Australia wide, underwriting & claims specialists – Qld = 8 staff, 60+ years of strata experience

• The Strength of Experience…

– Value not just what you do, but how you go about it – Risk mitigation throughout the insurance process

• Partnership with Allianz exceeds initial

targets

• Provided intermediary training sessions for
• ver 500 individuals on product & strata

topics

• In-house Claims handling in full swing

– 1008 claims reported – 99.4% of claims actioned within 24 Hours. – Over 400 claims paid into the Insureds bank account within 24 hours.

Moment of truth 1

Moment of truth 2

Moment of truth 3 – Feedback from a Chairman

Residential & Commercial Strata Product Features

• Standard product features

–The important covers you have come to expect –Broadest form of cover available in the market –Backed by local and experienced claims service

• What’s new & different

–About 17 new or improved covers

Residential & Commercial Product

New & improved benefits

Section 1 – Insured Property

• Emergency Accommodation
• Electric Motors
• Key, Lock Replacement
• Removal of Nests
• Removal of Illegally Deposited Rubbish
• Fallen Trees
• Building Alterations/Addition
• Act of Terrorism
• Title Deeds
• Sale of Lot
• Environmental Improvements

Section 2 – Liability to Others

• Financial loss
• Strata Community Manager

Defence

• Adjoining Property Extension

Section 5 – Fidelity guarantee

• $2,500 cost towards external

auditors to support your claim Section 6 – Office Bearers Liability

• Reinstatement of the Sum Insured

Section 11 - Loss of Market Value

• New Cover

Emergency Accommodation

• Emergency Accommodation benefit available to tenants

when more than one lot is affected and the building is unfit to be occupied as the result of an admitted claim.

San Marino By the Sea CTS 27534

Keys, lock replacement

If keys to Your Insured Property are accidentally lost or stolen, We will pay up to $5,000 for the reasonable costs You necessarily incur in: (a) re-keying or re-coding locks together with replacement keys; or (b) replacing locks with locks of a similar type and quality if they cannot be re-keyed or re-coded; to restore security to the same level

• f security that existed prior to the loss of these keys.

Removal of Illegally Deposited Rubbish

• Up to $5,000 for the reasonable costs of clearing and removing

illegally deposited rubbish

Electric Motors

• Our policy allows up to $5,000 of coverage with no limitation placed on

KW output of an electric motor.

Removal Of Nests

• Covers removal of wasps and bees nests up to

$1,000 to avoid public safety risk

Fallen Trees

• Covers reasonable professional costs incurred for the removal and

disposal of trees and branches with no monetary limit. Some other policies may only cover up to $5,000 which may not be sufficient.

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Terrorism Cover

• Automatic cover up to sums insured of

$100,000,000

Terrorism gap explained

• Commercial – ARPC provides cover where
• ccupancy 50% or more commercial.
• Gap = Owners in Commercial (mixed use) building

where commercial occupancy < 50%

• Problem = ARPC would not lower criteria to pick

up gap (subject to further review)

• Solution = SCI extend arrangements with Allianz

to pick up the class of owner – the only provider!

• Gap eliminated – lower risk for owners, strata

managers, and their Insurance broker

Se Sect ction

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For the first time ever, owners in such a scheme can buy insurance up to the full market value. Essential cover to keep liquidity in sales within the scheme, and to satisfy nervous financiers.

Q & A

The Strength of Experience