Commercial Strata Insurance
A commercial strata scheme has to insure the building and common property by statute, and the body corporate carries obligations that a residential scheme never faces once tenants are trading businesses. We arrange strata programmes for commercial and mixed-use schemes, and explain plainly where the strata policy stops and each lot owner's own cover has to start.
Quick Quote
60 secondsBuilding, contents and fit-out combined. A ballpark is fine.
The company, trust or individual name on the title or lease.
No obligation. Subject to eligibility and underwriting.
What commercial strata schemes need covered
Building and Common Property
Strata legislation in every state requires the scheme to insure the building and common property for full replacement value. That covers the structure, lifts, car parks, driveways and shared services, funded by levies rather than by individual lot owners.
Office Bearers Liability
Committee members can be personally exposed for decisions they make on the scheme's behalf, from a maintenance call to a levy dispute. Office bearers liability responds to those claims and the cost of defending them, and volunteers should not sit on a committee without it.
Common Area Public Liability
Car parks, stairs, lifts and shared entries generate the scheme's liability claims, and in a commercial building they see far more foot traffic than a residential block. The limit needs to reflect the businesses operating in the scheme, not just the number of lots.
Loss of Levies and Temporary Costs
When a major loss makes lots unusable, levies can stop arriving while the scheme's costs continue. Cover for loss of levies, temporary protection and the cost of complying with current building codes during reinstatement keeps a scheme solvent through a long repair.
Where the Strata Policy Stops
It does not cover a lot owner's fit-out, a tenant's stock or contents, an owner's loss of rent, or a business's own liability. Those gaps sit with the lot owner and their tenant, and they are the ones most often discovered at claim time.
Keeping the Valuation Current
Most states require the scheme to hold a current insurance valuation, and construction costs have moved sharply. An out-of-date figure risks an average or co-insurance reduction on a claim, and can put the committee in breach of its obligations.
Cover, limits and examples shown are general in nature and subject to eligibility, underwriting and the terms of the issued policy.
Reviews are for Stonewell Insurance, the business behind Commercial Property Cover. Authorised Representative of McLardy McShane Partners Pty Ltd (AFSL 232987).
Ready to get commercial strata schemes covered?
Tell us about the property in about 60 seconds and we come back to you with options.
Commercial Property Cover is a trading name of Stonewell Insurance Pty Ltd (ABN 23 645 965 699), Corporate Authorised Representative No. 1285612 of McLardy McShane Partners Pty Ltd (ABN 14 064 465 309, AFSL 232987).