Fergusons Insurance Brokers

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39B Davey St Frankston, Victoria
Phone: (613) 9783-3200

Fergusons have been our insurance brokers since we started in 1993 and are always there when you need them.  They have a great understanding of our group business and provide us with expertise in all insurance matters, protecting our assets and people.

- Billy McLaughlin
  Managing Director
  The Scotia Group

   Emergency After Hours

   0409 411 235

Residential Strata Title

Residential Strata insurance (also known as owners corporation or body corporate insurance), covers common property and contents, under the management of a strata title or owners corporation entity.

Strata Insurance generally covers common or shared property as defined on the title of property. This will include common areas, garden equipment, wiring, lifts, balconies, swimming pools, car parking areas, walls, windows, gardens, ceilings and floors.

The common property is covered against accidental loss or damage on a replacement (new for old) basis, up to the sums insured you nominate. Residential Strata Insurance also provides cover for  Loss of Rent and Legal Liability in respect of the common area.

Some of the additional benefits found under a Residential Strata policy, are as follows:

Voluntary Workers: covers a person who sustains bodily injury whilst voluntarily working on behalf of the owners corporation.

Fidelity Guarantee: provides protection generally up to $100,000 against the fraudulent misappropriation of the owners corporation funds or tangible property.

Office Bearers Legal Liability: provides protection for the owners corporation office bearers should they become legally liable for any wrongful act they make while carrying out the functions of their position.

Machinery Breakdown: provides protection against unforeseen damage to electrical, electronic, mechanical machinery and plant. Lifts, elevators and escalators are covered if they are subject to a current comprehensive maintenance agreement.

Catastrophe: provides protection against the sudden escalation in rebuilding costs that generally occurs on a declared catastrophe.

Government Audit Costs & Legal Expenses: Covers professional costs in connection with an investigation by the Australian Taxation Office, Statutory Body or Record Keeping by the Office of Business or Consumer Affairs group.

Lot Owners Fixtures & Improvements: provides cover for fixtures and structural improvements installed or upgraded by Lot Owners for their exclusive use against Accidental Loss or Damage, generally up to $250,000 per Lot.

As residential strata insurance only covers common property, it is important you still insure your own individual contents along with public liability as the occupier of the property or as the landlord if the property is rented.