Quick answer: Trustees should ask about replacement value, excesses, exclusions, repeated claims, fidelity cover, trustee protection, liability, claim procedures and insurer conditions.
Questions about the buildings
- How was our sum insured calculated?
- When should we update our replacement valuation?
- Are all common property structures included?
- Are solar, pumps, lifts, gates and security systems properly noted?
Questions about claims
- Which claims affected our renewal?
- Are there repeated claims we should address through maintenance?
- What documents should owners submit for common claims?
- Who authorises repairs before a claim is accepted?
Questions about excesses
- Which excesses are highest on the policy?
- Do different excesses apply to geyser, water, storm or surge claims?
- Could a different excess structure improve the premium without creating owner disputes?
Questions about trustee and money risks
- Do we have adequate fidelity cover?
- Is trustee indemnity included and who is covered?
- What liability limits apply?
- Are managing agent risks properly addressed?
Questions about service
- Who should trustees contact after hours?
- How quickly are claims acknowledged?
- Will the broker provide a renewal comparison or recommendation?
- Will the broker help communicate claim requirements to owners?
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 trustees get more than one quotation?
It can be useful, but trustees should compare cover quality, excesses and service, not only premium.
Can a broker help with owner communication?
Yes. A practical broker can help prepare claim instructions, renewal notes and trustee questions.
What is the most important question?
Ask: If a major loss happens, where is this policy weak?