What disclosure obligations does a strata committee have regarding scheme insurance?

At each year’s annual general meeting, the body corporate must give owners full information about all insurance policies and any asset valuations that have been completed.

Policy details must include:

• name of the insurer
• amount of cover
• type of cover (a summary)
• amount of the premium
• date the cover expires;
• the amount, type and provider of any financial or other benefit given by the insurer or broker to the body corporate, a body corporate or committee member and the scheme’s body corporate manager or service contractor (and any associate).

Insurance valuation details must include:

• date of the valuation
• determined full replacement value of the buildings.

Further reading

• Is insurance compulsory for strata schemes?
• Is flood insurance compulsory in a body corporate?
• Responsibility for lot damage does not hinge on insurance
• Who is responsible for building insurance?
• Body corporate insurance webinar
• Body corporate insurance obligations