NSW Strata Schemes Management Act 2015 – $20M Public Liability Limit
The New South Wales Strata Schemes Management Act 2015 comes into effect from 30 November 2016. One of the key changes in the legislation is the requirement for a minimum Public Liability sum insured of $20M (currently $10M).
QUS has worked with our capacity provider and secured agreement to automatically endorse all NSW strata risks still at $10M to the new $20M minimum requirement effective 30 November 2016 for no additional premium. With immediate effect all new business quotes and renewals for NSW based risks will be offered with a minimum $20M Public Liability cover.
To obtain a copy of the Strata Schemes Management Act 2015 click on the following link http://www.austlii.edu.au/au/legis/nsw/consol_act/ssma2015242/