This is the single biggest invoice a strata building will pay each year, it is also the highest risk item if not done correctly.
Yearly Questions/Review Items:-
- what is the premium being paid
- what are the fees being paid to the broker, strata managers, any other people involved
- what are the sub-limits on each policy
- when was the last valuation conducted
- what quoting plan is conducted by the broker
- are there any actions strata can take to reduce our excess or premium
TIPS:
# meet your broker each year and ask them questions (phone meetings can also be suitable)
# brokers should be providing a renewal report at least 14 days prior to renewal, outlining actions taken and recommendations
# every 3 years interview 1 or 2 other insurance brokers, they are not all equal and do not all have access to the same deals
# do not include timber floating flooring in your policy, this inclusion is not in the long-term interest of the strata
# if you are a large building sub-limits can work against you, either remove sub-limits or look for those with the highest value
