25 Nov 2021

Flex Insurance to increase minimum Public Liability Cover from $10 million to $20 million

The soon to be implemented Owners Corporations and Other Acts Amendment Act 2021, requires that all Owners Corporations located in Victoria must hold a minimum of $20 million for Public Liability insurance from 1st December 2021.

Flex Insurance welcomes this reform to the Victorian strata laws increasing the requirement of each Owners Corporation to have increased liability cover.

As such, from 1st December, Flex Insurance is pleased to advise an automatic increase to the $20 million minimum liability insurance limit for all Flex Insurance Victoria strata insurance policies that currently have less than the required $20 million. This will be at no extra cost to the Owners Corporation.

The new limit of $20 million liability cover will apply to all current polices, new business quotations and renewals, with effect from 1st December 2021.

For more information on the new strata legislation and regulations please follow the click the link Owners Corporations and Other Acts Amendment Act 2021.

Strata laws Victoria

Strata insurance Victoria

CHUiSAVER Underwriting Agency Pty Ltd (ABN 85 613 645 239, AFSL 491113) trading as Flex Insurance acts under a binding authority as an agent for certain underwriters at Lloyd’s and QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545), the insurers of the products.

Terms, conditions, limits and exclusions apply to the products referred to above. Any advice contained on this website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before making a decision to purchase the product or to continue to hold the product we recommend that you consider whether it is appropriate for your circumstances and read the Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which can be which can be viewed on this website or obtained by contacting Flex Insurance directly.

Flex Insurance is a wholly owned subsidiary of CHU Underwriting Agencies Pty Ltd (ABN 18 001 580 070, AFSL 243261) (‘CHU’). CHU is a wholly owned subsidiary of Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’). SGL may receive a professional services fee (‘PSF’) from insurers, premium funders and underwriting agencies such as Flex Insurance and CHU (‘Partner’) for access to regulatory and compliance support; marketing and communications; data insights; and access to technology platforms. The PSF is an agreed amount between SGL and the relevant Partner, usually annually. The PSF is not determined by the volume of the business that the Steadfast Network brokers place, nor is the amount of the PSF known to the Steadfast Network Brokers, so it is not able to influence recommendations to their clients.

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