Longitude Insurance

Smarter Strata Insurance.

About Us

At Longitude we are single minded – we only deal in strata insurance. This dedicated approach translates to better policy coverage and reduced exposure for the insured.

Our underwriting capability and strong strata knowledge ensures a seamless and smooth working relationship with our supporting brokers. Longitude, with the backing of Chubb Insurance and Swiss Re Corporate Solutions is uniquely positioned to provide brokers with market leading, specialist strata cover that protects the body corporate.

Send your quote requests to strataquotes@longitudeinsurance.com.au or
call us on 1300 442 676

The Policy

What we offer

  • Expertise in strata
  • Exclusive support for brokers
  • Market leading specialist cover
  • Backed by Chubb Insurance and Swiss Re Corporate Solutions
  • Dedicated claims management

Key features of the policy

  • Residential, Commercial and Mixed-Use Strata
  • Single Package Product
  • Optional covers available
  • Agile to the needs of strata
  • Cover recently reviewed and updated

Specialised insurance products and cover for brokers and the strata market supported by Chubb Insurance and Swiss Re Corporate Solutions.

The Company

Longitude opened its doors for business in 2012 and quickly built a reputation as one of Australia’s leading strata insurance specialist underwriting agencies. Working hand-in-hand with our supporting brokers, we are excited about the important role we play in protecting our customer, the insured Body Corporate.

Longitude has the advantage of being backed by Chubb Insurance and Swiss Re Corporate Solutions, making our combined attributes unique in the Australian market. Our specialist cover includes residential, commercial, and mixed-use strata buildings.

Longitude Insurance Pty Ltd (AR 424867) is an Authorised Representative of Austagencies Pty Ltd, (ABN 76 006 090 464 AFSL 244584 Austagencies). Austagencies has binding authority from Chubb Insurance Australia Limited (ABN 23 001 642 020, AFSL 239687) and Swiss Re International SE Australia Branch (ABN 38 138 873 211, AFSL 355088).

Why use Longitude insurance?

  • Top class strata insurance policy wording
  • Broker focused – dedicated support
  • Strong financial security rating (backed by Chubb Insurance and Swiss Re Corporate Solutions)
  • Specialist strata insurance experience across our dedicated teams
  • Strata only dedicated business (no other products)

Key features of the policy

  • Cover is available for Residential, Commercial and Mixed-Use Strata
  • Cover designed to help meet strata insurance obligations
  • Superior Equipment Breakdown cover
  • Removal of debris paid in addition to the building sum insured limit
  • Catastrophe cover which extends the Sum Insured or other limits
  • Optional cover extensions for Office Bearers such as:
    — Separate Additional Defence Costs where a court of law rules that an Office Bearer is not entitled to defence costs
    — Statutory fines and penalties imposed on an Office Bearer - $250,000

Our Claims Philosophy

We understand our main role is after a loss has occurred when the insured may be feeling anxious or frustrated and we take great pride in our excellent communication and claims handling skills during these difficult times. We take prompt and immediate action when a loss has occurred and work closely with our panel of specialised service providers to handle claims quickly and efficiently.

We draw experience from a wide range of skills and knowledge in order to fulfil our mission of striking the correct balance between efficient claims handling and ensuring our customers claims receive their full and just entitlement. Longitude claims expertise ensures supporting brokers have access to autonomous claims accountability on everyday strata issues.

The A-Z of Strata Insurance

A sensible starting point for insurance is to check when the last professional valuation was carried out on the strata building. Most States require a valuation at least every 5 years and best practice is at least every 3 years. Think about the situations and risks that are specific for your property and check this against the cover you have, or intend to have. Remember a Body Corporate (Owners Corporation) is legally obligated to cover the full replacement/reinstatement costs for their strata buildings and risks.

What is strata?

Ownership of an individual apartment in Australia was dramatically changed in the early 1960s. Australia led the world by introducing something new called ‘strata’ as a way of detailing individual ownership and common ownership of property. This was through a legal entity called an Owners Corporation or Body Corporate. The concept of owning ‘air-space’ within defined boundaries was introduced and the terms ’lot’ and ‘lot owners’ were born.

What is strata insurance?

One of the key legal obligations of the Owners Corporation is to take out and maintain the correct level of insurance i.e. to avoid any financial shortfall should the worse happen. Owners of strata titles typically share the premium costs of strata insurance as part of their strata fees. Holding strata insurance is mandatory under each State’s relevant strata legislation.

What does strata insurance cover?

Each State has legislation that obligates every Owners Corporation to insure their buildings for their full replacement/reinstatement value. Strata insurance generally covers physical loss, destruction or damage to the insured property, removal of debris costs, ancillary costs, accidental damage to common or shared property as defined on the title of the property, removal of debris costs, ancillary costs e.g. costs of engaging architects, and public liability cover. Strata insurance ordinarily covers common areas, contents, lifts, pools, car parks, gardens, wiring, balconies, walls, windows, ceilings and floors. Strata insurance must provide liability cover in the event people are injured on common property. Not all policies are the same so it is important to check what is covered under your insurance policy.

What does strata insurance NOT cover?

Strata insurance is like any other form of insurance, in that there are restrictions to the policy expressed as exclusions. Each insurer has different exclusions and policy terms and conditions. Make sure you understand what is covered and what is excluded from the policy your owners corporation, strata manager or broker has purchased. Exclusions can be for certain risks, such as landslip or flood, or for general wear and tear and maintenance of the property. Remember, strata policies do not cover personal contents and personal items.

Is this the only cover I need as a resident/lot owner?

No. A resident/lot owner must for example, consider their individual needs and make sure that they have appropriate contents cover for their personal belongings or business, and, for anything that the strata insurance product does not cover. Strata insurance covers only common or shared property. This may include some of the fixed parts of the unit/lot, but will not cover everything. It is important that the resident/lot owner reads the strata policy wording and insurance schedule to understand what is and is not covered in their unit/lot.

Where can strata insurance be purchased?

A number of insurers in Australia provide residential strata insurance cover. Many strata managers or body corporates use a broker or specialist underwriting agency to negotiate cover.

What cost factors contribute to the premium?

Each strata insurer develops and offers a unique insurance product in accordance with its underwriting appetite. Some common factors contributing to the premium include:

  • Government taxes on insurance (stamp duty and GST)
  • The age and condition of the building
  • The replacement cost of the building
  • The risk profile of the location
  • The claims history of the strata complex
  • Commercial activities carried out on the premises
  • The extent of common property, for example car parks, stairwells, fire protection systems, lifts and pools.

Typical cover under a specialist Strata Insurance Policy

  • Building Cover
  • Common contents insurance
  • Fidelity – misappropriation of funds
  • Equipment Breakdown
  • Office Bearers insurance
  • Public Liability
  • Government and audit costs, legal expenses
  • Voluntary workers personal accident cover

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