COMMUNITY SCHEMES AND THEIR SHORT-TERM INSURANCE REQUIREMENTS

With a large number of community schemes under Steer & Co's management, we place importance on keeping abreast of our individual sectional title scheme or home owner's association's (HOA) short-term insurance needs. For advice we look to reputable insurance brokers such as Goodsure, especially when it come to obtaining competitive quotes. We recently caught up with Goodsure's director, Francesca Snaith, who had the following to say:

"Do you know the importance of having a broker at your service to ensure that your insurance needs are attended to with accuracy and precision? There are multiple factors that need to be considered when quoting a new business policy or writing a replacement policy. If the correct processes are not followed and the correct information is not supplied, it may result in your claim being repudiated by your insurer at a time when you need it most.

Trustees have a fiduciary responsibility to ensure that the Body Corporate is comprehensively covered, while bearing the financial implications of the premium in mind. As such, a simple premium comparison is not deemed sufficient. The onus falls on the Trustees to ensure that the cover provided in the selected quote aligns with the cover required by the Body Corporate, even if this results in them having to select a quote with a slightly higher premium.

At GOODSURE we place a huge emphasis on professionalism, efficiency, and quality of service. We work with reputable insurers who offer specifically designed Body Corporates policies that include the required extensions of cover.

At every annual renewal, GOODSURE requotes each Body Corporate policy and provides at a least two to three alternative quotes. These quotes are summarised in a quote comparison for ease of comparing the cover between the current insurer and the respective quotes and enables us to ensure that the current policy remains competitive in an increasingly competitive market. We feel that this forms an integral part of renewal process and that it is something the Trustees need to adhere to.

Our team of qualified individuals are available at all times to answer queries that the managing agent, Trustees, or unit owners may have. At the end of the day, GOODSURE truly cares and how we conduct our business is just as important as what we do. Goodsure is an Authorised Financial Service Provider FSP14571"

Our valuations division is available to quote on providing a current insurance valuation for your body corporate or HOA, which is a necessary (now legislated) three yearly cycle. This is to ensure that you are adequately insured in terms of the replacement cost of all structural improvements on your property (including common property).