Complex Strata Insurance

Complex Strata FAQs

• Who is Flex Complex distributed through?

  Due to the complex nature of some of these risks, as well as the potential for bespoke endorsements and alterations to the PDS and policy wording, this product will only be available through insurance brokers for buildings with a Total Sum Insured $25 million and below. This enables any non-standard adjustments to cover to be professionally considered, articulated and explained to Bodies Corporate.

• Does underwriting criteria differ for Complex Risks?

  Due to the nature of the risks being underwritten, the question set per risk level will be more stringent and, depending on the risk, may include:

  • Criminal history checks for business select owners/occupants
  • Evidence of licensing with relevant statutory body
  • Documentation confirming up-to-date servicing/maintenance of fire protection equipment
  • Provision of satisfactory thermoscan results for main switchboard
  • Details of maintenance during off-peak periods (snowline/alpine exposures).

  To support the thorough underwriting process, Flex will require a formal survey for any risk prior to providing a quotation to the Body Corporate.

• When should I approach Flex Complex for a quote?

  Please approach Flex approximately three months out from the inception date of the policy. This will enable Flex to carry out the relevant risk survey for consideration, as well as enable us to inform the broker as to what additional information is required as part of the underwriting process, as well as allowing time to obtain consent for criminal history checks (if required).

  Quote submissions provided close to the policy renewal date may not be able to be considered.

• What makes up the Total Insured Value (TIV)?

  The Total Insured Value “TIV” is made up of all Building, Loss of Rent/Temp accommodation, Common area contents, Catastrophe cover and Lot Owners Fixtures and Fittings.

• Who underwrites Flex Complex Strata Insurance – Cover for High-Risk Buildings?

  Flex Insurance is wholly owned by CHU Underwriting Agencies Pty Ltd, Australia’s largest strata insurance specialist. The capital for Complex Strata Insurance – Cover for High-Risk Buildings is provided by various underwriters at Lloyds, led by AXIS Managing Agency Ltd, Syndicate 1686.

• Who underwrites Flex Complex Strata Insurance?

  Flex Insurance is wholly owned by CHU Underwriting Agencies Pty Ltd, Australia’s largest strata insurance specialist. The capital for Complex Strata Insurance is provided by various underwriters at Lloyds, led by AXIS Managing Agency Ltd, Syndicate 1686.

• What types of buildings qualify as complex strata?

  Complex strata buildings are those that struggle to obtain strata insurance due to higher-risk features. This includes residential, commercial and mixed-use properties with high-risk occupancies (such as tattoo parlours, tobacconists, adult services or student accommodation), buildings in alpine or snowline regions, and strata schemes with combustible cladding or structural defects.

• How is Complex Strata Insurance different from standard strata insurance?

  Standard strata insurance generally excludes or declines properties with higher-risk factors. Flex Complex Strata Insurance is a specialist product that applies stricter underwriting checks, risk disclosure requirements and, in some cases, criminal history or licensing verification. This enables eligible buildings up to $25 million in Total Sum Insured to access cover that would not normally be available under a standard strata policy.

• What makes a building high-risk?

  A building may be considered high-risk if it has features that increase the likelihood of claims or loss. Examples include hazardous occupancies (such as adult services or warehousing), combustible cladding, structural defects, inadequate fire protection, or locations exposed to extreme conditions like alpine regions. Flex uses these risk factors to determine eligibility for Complex Strata Insurance.