Strata Insurance Disclosure
Best Practice Guide
Strata Community Association (SCA) is proud to officially release its ‘Strata Insurance Disclosure Best Practice Guide’, which sets out necessary and critical changes to how SCA members disclose strata insurance practices.
The intent of the new best practice guide and the supporting collateral is to:
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Elevate SCA members in the eyes of strata committees and consumers.
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Eliminate some of the poor insurance practices and bad actors who undermine confidence.
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Build and improve relationships between strata managers, committees and consumers.
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Give members resources to support and improve their practices, as well as explain strata insurance to consumers and committees.
The main components of best practice strata insurance disclosure have been summarised into three steps:
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Disclose - the disclosure of the eight (8) financial items of each strata insurance placement.
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Document – what to document and how to document it, including templates.
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Communicate – how and when to communicate with all parties involved.
Disclosure Best Practice Guide
Visit the link to find the SCA Strata Insurance Disclosure Best Practice Guide in full
Consumer Resources
Click the images below to read SCA's Strata Insurance Disclosure Consumer Resources:
What’s next?
Ongoing education, training and best practice is critical to consistently raising standards of management for SCA members, and across the strata industry.
SCA will support members through education sessions to understand and implement these best practices through Q1 and Q2 2024, and after evaluation will transition to be part of the SCA Code of Conduct from 2025.
If you have any questions regarding the report, please contact: media@strata.community
Read the Report:
A data driven holistic understanding of strata insurance
In response to increased attention on strata insurance affordability and availability, regulation and the role of strata managers in strata insurance, SCA identified a need for a comprehensive, data-driven report detailing strata insurance in Australia and New Zealand,
SCA commissioned Dr Nicole Johnston, Senior Lecturer in the Department of Finance at Deakin Business School, to produce an industry-first report providing in-depth social and economic analysis of the strata industry. The purpose of the report is to aid consumers, governments, and the broader community in understanding key elements of the industry, and inform SCA’s advocacy platform for shaping the future of the industry.
The report, A data-driven holistic understanding of strata insurance in Australia in New Zealand, was launched 7 September 2021 and is available for download.
