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Body Corporate Insurance

If your Body Corporate is managed by Auckland Property Management Ltd you can be sure it will be managed professionally following all legislative requirements and modern and robust governance practices.

Like all things however, the unexpected can happen outside the best of management practices and that is where insurance comes in. The Christchurch earthquakes are a recent reminder how inadequate and poorly thought out insurance, can have a huge financial impact on owners of properties, Body Corporates and non- Body Corporates. Even non catastrophic events can have a huge impact if the insurance program transferring risks from owner to insurer is not properly structured.

Professional advice and a robust insurance company are the key factors to protect your asset. With Body Corporate’s it goes one step further because everyone is dependent on everyone else getting this right. For these reasons and because Auckland Property Management wanted to ensure that they had a unique solution for their clients, they approached Marsh Insurance brokers, (the world’s largest brokers) to become their preferred insurance broker and to access their exclusive and unique Body Corporate package. In addition to this with each Body Corporate they carry out a review of the Body Corporates specifics needs to ensure the program is properly structured in the best interest of the Body Corporates.

Whilst APM utilize the services of a number of brokers and are impartial to the decisions made by a Body Corporate around the services they engage from electricians to insurance advisers, only through Marsh have they found a commitment to delivering the best insurance cover available in New Zealand with bespoke advice on the structure of every individual Body Corporate’s needs. We advise against making insurance decisions based foremost or solely on price, we advocate a properly designed program first, a sound insurer second and only when those boxes have been ticked the most competitive terms, (which includes excesses, terms, extensions, and price).

Some of the areas a Body Corporate needs to consider for insurance are;

  • The building itself and any other site improvements.
  • Loss of rents insurance
    • Residential units – to cover the on-going return on investor’s capital during a rebuild.
    • Commercial units – to cover the on-going return on investor’s capital during a rebuild
  • Alternative Accommodation costs for residential owners during a rebuild
  • Liability insurance
    • As an owner
    • As a landlord
    • As an occupier
  • Statutory Liability- for fines or penalties imposed for unintentional breaches of certain statutes, inclusive of defence costs.
  • Association Liability – protection against claims bought against committee members inclusive of defence costs.

 

We suggest you contact either Gayleen Mackinnon or Peter van Baarle of Marsh Insurance Brokers for further information