1. Keep a complete insurance file for each scheme
Each scheme should have an easy-to-find insurance record. This helps trustees, owners and brokers respond faster when questions or claims arise.
- Current policy schedule
- Policy wording
- Latest renewal terms
- Claims history
- Replacement valuation
- Trustee decisions or AGM minutes relating to insurance
- Important excesses and special conditions
2. Confirm key policy details before renewal
Managing agents should help trustees identify the key points before renewal terms are accepted.
- Buildings sum insured
- Public liability limit
- Trustee indemnity limit
- Fidelity cover limit
- Geyser and water-damage excesses
- Common property assets and extensions
- Special warranties or conditions
3. Prepare a simple renewal summary for trustees
Trustees often need the important points summarised clearly. A short renewal summary can reduce confusion and help the meeting run better.
- Premium movement from previous year
- Main cover sections
- Major excesses
- Claims experience
- Changes in policy conditions
- Questions still needing broker or insurer feedback
4. Track claim documents properly
Claims are delayed when documents are missing. Managing agents can improve claim turnaround by creating a repeatable document checklist.
- Claim form or incident report
- Photos of damage
- Invoices or quotations
- Proof of ownership or responsibility where relevant
- Service provider report
- Owner or trustee correspondence
- Date of loss and date reported
5. Clarify owner communication
Owners often misunderstand what the body corporate policy covers. Clear communication can reduce conflict during geyser, leak or water-damage claims.
- Explain that contents are usually not covered by the body corporate policy
- Explain who must report the claim
- Confirm excess responsibility before promises are made
- Avoid confirming cover until the policy and claim facts are checked
- Keep trustee instructions and owner communication on record
6. Watch repeated claim patterns
Repeated claims can indicate maintenance issues, risk concerns or communication problems that should be discussed with trustees.
- Repeated geyser failures
- Ongoing leaks or damp problems
- Storm-water issues
- Gate motor or electrical losses
- Claims rejected due to maintenance or wear and tear
- Owner disputes about excesses
7. Use insurance reviews as a trustee support tool
A review can help trustees understand the scheme’s insurance position without requiring the managing agent to answer every technical insurance question alone.
- Review policy structure before renewal
- Identify underinsurance concerns
- Clarify excesses
- Discuss claims trends
- Prepare better AGM information
- Improve communication between trustees and broker