Quick answer: Before the AGM, trustees should prepare the insurance schedule, valuation information, claims summary, excess notes, fidelity cover position and renewal recommendation.
Documents to prepare
- Current policy schedule.
- Latest policy wording or key endorsements.
- Claims history summary.
- Replacement valuation or insured value basis.
- Fidelity cover details.
- Renewal terms or broker recommendation.
Items to explain to owners
- What the buildings and common property are insured for.
- What excesses apply to common claims.
- Whether repeated claims are affecting renewal terms.
- Whether a valuation is needed.
- How claims should be reported.
Resolutions to consider
- Approval of insurance renewal or broker appointment where needed.
- Approval of replacement valuation costs.
- Confirmation of excess recovery approach where appropriate.
- Any maintenance actions linked to repeated claims.
Common AGM questions
- Why did the premium increase?
- Why is the geyser excess so high?
- Are individual owner improvements covered?
- What happens if the building is underinsured?
- Can owners claim for contents under the body corporate policy?
After the AGM
- Update owners with the final insurance process.
- Keep insurance documents in the scheme records.
- Arrange any valuation or maintenance actions approved.
- Make sure claim reporting contacts are current.
This page is general information for trustees and managing agents. It is not legal advice and does not replace the policy wording, scheme rules or professional advice for a specific claim or renewal.
Frequently asked questions
Should the broker attend the AGM?
For complex schemes or difficult renewals, broker attendance or a written insurance note can be very helpful.
Should owners receive the full policy wording?
Trustees should make insurance information available in a practical way and follow the scheme’s document process.
Can insurance issues be handled outside the AGM?
Yes, but the AGM is useful for owner communication and decisions that need owner approval.