The set of policies that protect the strata from financial loss due to unexpected events, such as damage to the building or legal claims. It usually includes cover like building insurance, public liability, fidelity guarantee and voluntary workers' compensation. Note: the 'building sum insured' only covers the cost to rebuild the building as is, not the value of the land.
Important notice. This information is general in nature and does not constitute legal advice. Unless indicated otherwise, this information is based on New South Wales strata laws and practice. Strata laws, terminology and procedures differ across the different Australian states and territories. For more specific advice on your particular circumstances contact us for a referral to an appropriate expert.
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