‘Strata Insurance Disclosure Best Practice Guide’ Addresses Industry Commission Practices

Strata Community Association (SCA) announces the official release of its new Strata Insurance Disclosure Best Practice Guide. This guide aims to bring about essential changes in how SCA members across Australia disclose strata insurance practices, focusing on necessary adjustments for transparency and accountability.

The key objectives of the strata insurance disclosure best practice guide include:

• Clarify Practices: Clearly outline strata insurance practices for better understanding among strata committees and consumers.
• Address Issues: Tackle existing concerns and suboptimal practices that have contributed to a lack of confidence in the industry.
• Enhance Communication: Foster improved relationships between strata managers, committees, and consumers.
• Provide Guidance: Equip SCA members with resources to refine their practices and enhance communication with consumers and committees.

The main components of best practice strata insurance disclosure are summarised into three steps:

1. Disclose: Transparently reveal the eight financial components of each strata insurance placement.
2. Document: Provide clear guidance on what and how to document, including templates.
3. Communicate: Offer insights on effective communication strategies, outlining when and how to engage all relevant parties.

To assist members in adopting these best practices, SCA has developed a set of resources for the use of its members, including a fact sheet and an informative video. These resources are designed to simplify the transition to the improved standards outlined in the guide.

SCA is committed to addressing industry challenges, and the ‘Strata Insurance Disclosure Best Practice Guide’ represents a significant step toward creating a more transparent and accountable strata community. They will be conducting state based training, education and information sessions for members over the first 6 months of 2024.

Access more about the Strata Insurance Disclosure Best Practice Guide from SCA

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The LookUpStrata Team

This post appears in Strata News #676.

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