We recently started a new Body Corporate scheme on behalf of a developer. At the first AGM, there were many new owners who had never been part of a Body Corporate in Queensland. There was much confusion about insurance, and specifically about the insurance that a lot owner might have and the insurance that a Body Corporate might have. For example, it is possible that both the lot owner and the Body Corporate need WorkCover. Both the Body Corporate and a lot owner might have contents insurance but this coverage will be related to different assets. The insurance requirements of a lot owner who is a landlord are different from the requirements for a lot owner occupier.
Tracsafe is not an ‘Authorised Representative’ of an Australian Financial Services Licensee. Consequently, we cannot and will not provide insurance advice. We use an insurance broker to provide any advice to the Committee and we recommend that lot owners seek advise from a broker for their own insurance requirements.
