Strata Insurance
Strata Building Insurance Management
OCMA assists Owners Corporations in sourcing appropriate strata building insurance and coordinating cover for residential, commercial, and mixed-use developments divided into individual lots.
Insurance Obligations Under the VOC Act
Under the Victorian Owners Corporations Act 2006 (VOC Act), Owners Corporations are required to maintain adequate insurance for common property and shared assets. Strata building insurance plays an essential role in reducing financial risk and ensuring legislative compliance.
End-to-End Insurance Administration
OCMA supports committees by coordinating insurance quotations, valuations, renewals, and claims administration, ensuring insurance arrangements remain compliant with the VOC Act and appropriate for the building at all times.
Strata building insurance typically includes:
Building & Common Property Cover
Covers the physical structure of the building, including roofs, walls, floors, and common areas such as foyers, hallways, stairwells, and recreational facilities. This also includes shared fixtures and fittings such as lifts, lighting, and plumbing systems.
Public Liability Insurance
Provides protection against legal liability for injury or property damage occurring on common property, including claims from visitors, contractors, or residents.
Contents Insurance
Covers items owned by the Owners Corporation, including common area furniture, gym equipment, and shared appliances.
Legal Liability Cover
Covers legal costs and potential damages if the Owners Corporation is subject to legal action relating to the management or condition of common property.