BCS recommend every executive committee representing a strata or community title scheme obtain periodic insurance valuation.
In New South Wales Section 85 of the Strata Schemes Act 1996 requires a building valuation to be obtained at least once every five years, and a similar requirement is prescribed for owners corporations in Victoria. In Queensland regulations also dictate that the body corporate must, at least every 5 years, obtain a building valuation stating the full replacement value of the building or buildings.
As society becomes more litigious, protecting assets has increasingly become a priority for strata scheme and community title owners. BCS offers a multitude of competitive insurance packages, which leverage long-term relationships we have developed with strata specific insurance agencies in each state and deliver cost savings to our clients.
BCS operates a dedicated Insurance Department which prepares and lodges all insurance claims, follows through with any claims made and ensures owner’s corporations are reimbursed for payments made for insurable work.
Following lodgement of a claim, BCS will work in conjunction with an insurance underwriter, an appointed assessor, trades people, engineers, architects (if required) and the Executive Committee to rectify damage or disrepair as quickly as possible.