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Did you know that recent amendments to the Owners Corporation Act (2006) include how insurance can be levied against lot owners under differing circumstances?
For instance, Owners Corporations can now reduce insurance and other inequities between lot owners by separately levying lot owners for:
• An excess amount, or increased premium, resulting from, or attributable to, an insurance claim (if the claim was caused by a culpable or wilful act or negligence of a lot owner, a lessee, or their guest);
• Damage caused to the common property by a lot owner or lessee, if:
– it is not covered by insurance
– the cost is less than the excess amount, if the claim solely relates to an owner’s lot.
If your Owners Corporation would benefit from professional management services, the team at SELECT Strata Communities don’t leave things to chance.
Get in touch today to see how we can help you navigate your way through your Owners Corporation’s insurance complexities.