Is it Time for Strata Insurance Commission Ostriches to Pull their Heads Out?
or, let’s not pretend this is a new or simple problem ...
A Quick Take
Strata title building insurance commissions have existed for many many decades. So, they’re not new, the issues that have resurfaced now have always been there, and they’ve been considered, debated, studied, and adjudicated repeatedly with almost nothing changing. So, whilst the dramatic reactions to the latest headlines are fine, it’s a bit like watching strata ostriches pulling their heads out of the sand. So, whilst that happens, here’s a lot of material from all kinds of strata stakeholders about insurance commission and other issues in the strata sector so strata citizens know more about what everyone thinks, does and says.
[a 3:25 minute read with 627 words]
The Full Article
IIf you haven't already noticed, strata insurance commissions have made a few headlines over the last week with ABC News reports and a flurry of activity by strata stakeholders, groups, and commentators.
There’s a lot of surprised reactions, shock, and pearl clutching going on. There’s also lots of noise being made about sorting this challenge out. And, there’s an obvious [but blinkered] focus, on one strata businesses when it’s a sector wide and national issue.
I don’t have a dog in the fight [as they say] since I neither pay insurance commissions, receive them, or have any other practical, work, or financial interest in them. But, I have been involved in the discussions, debates, litigation, and politics of strata insurance and other commissions for more over 30 years.
As a result, I know the following 6 things about strata insurance and commissions.
1. It’s hardly a new issue; as it actually made front page news in 1992.
2. There’s clear law surrounding it; including a NSW Court of Appeal decision.
3. Many academics, professionals, and strata practitioners have spoken and written about the topic; repeatedly.
4. Strata sector organisations have taken positions [for and against] and other actions in relation to strata insurance and other commissions.
5. There’s academic and industry research on strata insurance; including recent industry sponsored studies.
6. Strata insurance availability, risks, premiums, policy conditions, and excesses have also been in the news; regularly.
So, let’s not pretend it’s a surprise and let’s finally pull our heads out of the strata sand.
That means realising that there’s no obvious or easy answer to this challenge for the strata sector.
It also means that, regardless of the solution, what’s critical is that there’s open, wide, and transparent discussions and that all strata citizens can see, read, and hear differing experiences, positions, thoughts, and ideas.
So, since GoStrata Media a non sponsored and non affiliated place for strata title information, I’m publishing resources, materials and information about strata insurance commissions from all kinds of strata stakeholders in our Daily Posts and collating them in this Article [which will be updated regularly] so that it and GoStrata Media becomes a resource for interested strata citizens.
So, all the Daily Posts GoStrata Media have published so far via the link below.
And, watch out for more posts and information on all the usual socials sites @GoStrataMedia.
March 27, 2024
Francesco …