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Act unit titles insurance presentation


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Act unit titles insurance presentation

  1. 1. ACT Unit Titles InsuranceOwners Corporation Network<br />AGM Presentation 21 May 2011<br />© Copyright 2011 Teys<br />
  2. 2. Is builders insurance in ACT adequate?<br />Are current ACT strata insurance requirements sufficient?<br />Does available strata insurance meet current legal requirements?<br />How do ACT owners and managers determine who pays for property damages?<br />What can unit owners do for themselves to improve insurance outcomes?<br />Today’s questions<br />
  3. 3. Imagine ‘’<br />%<br />Comparative study of key features of builders warranty insurance and strata insurance legislation <br />TEYS Lawyers May 2011<br />
  4. 4. Builders insurance comparison study <br />Comparative study of key features of builders warranty insurance<br />TEYS Lawyers May 2011<br />
  5. 5. ACT builders insurance v market<br />$<br />Comparative study of minimum insurance required of builders and median unit prices for capital cities March 2011, TEYS Lawyers May 2011<br />
  6. 6. Features of effective insurance schemes<br />
  7. 7. Developers’ responsibilities<br />
  8. 8. ‘Clear agreements make for good friends’<br />
  9. 9. Measures for improving transparency<br />
  10. 10. Members equity is important<br />
  11. 11. Enhancing ongoing functionality<br />
  12. 12. The devil is always in the detail<br />
  13. 13. More devil, more detail<br />
  14. 14. A word on excesses<br />Policies with an excess are in breach of ACT strata laws which are absolute as to required cover <br />If common property causes lot property damage, the OC must pay the excess<br />If lot property causes damage, the OC must still pay the excess because of breach of absolute duty to insure <br />
  15. 15. Solutions for this insurance dilemma<br />
  16. 16. How it usually happens<br />
  17. 17. How it sometimes happens<br />
  18. 18. How it should happen<br />Insurer rejects claim<br />OC pays lot owner satisfied<br />
  19. 19. Self help for ACT unit owners<br />
  20. 20. Where the government must help<br />
  21. 21. Join the discussion and learn more<br />
  22. 22. About the presenter<br />Michael Teys is the Founder and Principal Lawyer of TEYS Lawyers. He has a Bachelor of Laws and practices exclusively in the area of strata title law. He is a Fellow of the Australian College of Community Association Lawyers. He was formerly an Adjunct Lecturer with Charles Sturt University. He appears weekly on SKY News Business Channel's Property Success with Margaret Lomas and is a regular panellist for the property edition of Your Money, Your Call for the same channel. You can find out more about Michael at<br />Teys Lawyers practice nationally in strata title law representing owners corporations, bodies corporate and apartment owners.  The firm’s practice groups include building defects, strata community disputes, strata titles property law, by-laws and levy collection. <br />Subscribe for their free e-newsletter StrataSpace and find out more about them at<br />© Copyright 2011 Teys<br />