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Strata Insurance Explained

2 Minute Read
27th October 2022

What is Strata Insurance?

Strata Insurance is insurance that the owners of a Strata Scheme (i.e. Owners Corporation or Body Corporate), must take in respect to the buildings, common property and common contents. Strata Insurance is mandatory and must meet the minimum requirements in all states and territories for both Residential and Commercial properties. The cover must also include liability in the event of personal injury and/or property damage to third parties on the common property.

What does Longitude Insurance cover?

Longitude Insurance provides cover for residential, commercial, and mixed-use strata buildings. Coverage includes:

Property: Physical Loss, Destruction or Damage
Covers destruction of or damage to the insured property including buildings and common contents.

Voluntary Workers Personal Accident
Covers any person who sustains injury whilst engaged as in voluntary work on behalf of the Strata Scheme – refer to the table of benefits in PDS.

Office Bearers’ Liability
Covers covers an Office Bearer should they become legally liable to pay compensation for any Wrongful Act committed whilst in the execution of their duties.

Fidelity Guarantee
Covers loss of funds or tangible property as a result of theft, embezzlement, misappropriation, or fraud up to $100,000.

Equipment Breakdown
Covers breakdown of Plant and Equipment including boilers, pressure vessels and pressure pipe system.

Public Liability
Covers against any claim for compensation or expenses that you become legally liable to pay for such as personal Injury or property damage, caused by an occurrence in connection with your property.

Government Audit Costs, Workplace Health and Safety Breaches and Legal Expenses
Covers costs incurred due to an audit or investigation by the ATO or other statutory body up to $30,000; legal costs reasonably incurred appealing an imposition of an improvement or prohibition notice/determination made under any workplace, occupational health and safety legislation up to $150,000; legal expenses incurred in defending a claim made in connection with the conduct of the affairs of the Insured, a breach of any consumer protection legislation, or arising out of a dispute in regards to employment under any anti-discrimination, workplace discrimination, harassment and/or bullying legislation up to $50,000

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