If you own a commercial property unit, warehouse or office, and you're sharing common space with other, you don't want to be left to foot the bill if there's damage to share parts of the building or items. Commercial strata insurance protects the building and common area's or facilities, with the premiums pad for by the owners corporation.
Who should consider Commercial Strata Insurance?
Commercial strata insurance is compulsory in every state - so if you're part of an owners corporation in a commercial unit, office block, or warehouse, the owners corporation will need commercial strata insurance. Property Insurance Brokers can arrange strata insurance on behalf of the owners corporation.
What can Commercial Strata Insurance cover?
The key covers on a commercial strata insurance policy are:
What usual isn't covered under Commercial Strata policy?
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on the insurer. Policies generally won't include cover for: