Products - QUS Strata Select
Strata Select is a unique market leading product in the Strata Insurance Market. Unlike other wordings in the market Strata Select can accommodate risks that are 100% residential, 100% office/commercial or any mix in between without the loss of benefits for residential units. Strata Select is ideally placed to service this market with the flexibility to also serve the traditional residential and commercial Strata Market.
QUS is committed to distributing Strata Select exclusively through Australian Financial Service Licensed Insurance Brokers located throughout Australia. QUS will not deal directly with body corporate entities nor will we appoint strata managers as Authorised Representatives.
Capacity/Target Market
Residential risks:
- Maximum property section capacity - $35m
- Target market - Buildings sums insured of $1m - $13.5m
Commercial & Mixed use risks:
- Maximum property section capacity - $35m
- Target market - Buildings sum insured up to $10m
- We do not write high hazard tenant occupations (including wood workers and wok cooking risks).
Key Benefits & Features
Section 1 – Property Insured
- Accidental Damage – no sub-limit
- Temporary Accommodation, Loss of Rent Receivable, Failure of Supply Services, Infectious or Contagious Diseases, Murder or Suicide, Reletting Costs, Maintenance Fees and Removal and Storage of Lot/Unit Owners Contents – up to 15% of buildings sum insured (in addition to sum insured)
- Common Contents – up to 1% of buildings sum insured (in addition to sum insured)
- Common Contents in the open air - $10,000 limit (in addition to sum insured)
- Fusion – for motors up to 5 kw
- Storm damage to gates and fences – included
- Lot / Unit Owners Fixtures and Improvements in Residential Lot / Units - $250,000 per lot/unit
- Lot / Unit Owners Fixtures and Improvements in Commercial Lot / Units - available
- Building sum insured is not subject to a co-insurance clause
- Catastrophe cover – available up to30% buildings sum insured (in addition to sum insured)
Section 2 – Property Owners Legal Liability
- Cover for compensation the Insured becomes legally liable to pay for Personal Injury and Property Damage
- Legal Costs – included in limit of liability
- Liability in connection with the Insured’s ownership of any underground or overhead services, roads, footpaths or bridges that form part of the property at the Situation – included
- Liability in connection with the hire by any person of sporting or recreational facilities owned by the Insured – included
- Liability in connection with any social or recreational activities arranged for or on behalf of the Lot / Unit Owners or occupiers of any Lot / Unit – included
- Includes liability in connection with the application of pesticides, herbicides or fertilizers to Common Areas at the Situation or the Property Insured
- Includes liability in connection with the Insured’s ownership, use, control or possession of garden appliances, wheel chairs and golf buggies that do not require registration by any legislation or competent authority
- Includes liability in connection with Lot / Unit Owners’ Fixtures and Improvements of a Lot / Unit that is occupied solely for residential purposes
Section 3 – Fidelity Guarantee
- Cover for fraudulent embezzlement or fraudulent misappropriation of funds set aside for the purpose of management of the Body Corporate / Company affairs
Section 4 – Voluntary Workers Personal Accident
- Death or total and permanent loss of both hands, or the use of both feet, or the use of one hand & one foot – 100% of the capital benefit selected
- Total loss of sight in both eyes – 100% of the capital benefit selected
- Total and Permanent loss of use of one hand or of the use of one foot or sight in one eye – 50% of the capital benefit selected
- Total disablement from engaging in or attending to usual profession, business or occupation – 100% of the weekly benefit selected up to 104 weeks
- Partial disablement from engaging in or attending to usual profession, business or occupation – 50% of the weekly benefit selected up to 104 weeks
- Travel expenses in obtaining medical treatment – up to 1% in total per incident of the capital benefit selected
- Domestic assistance – up to $500 per week for a maximium of 10 weeks
- Capital benefits available up to $100,000
- Weekly benefits available up to $1,000 per week
Section 5 – Office Bearer’s Liability
- Covers legal liability of office bearers for any wrongful act they commit
- Claims investigation, defence and settlement costs – included
- Continuous cover benefit – included
- Extended reporting period benefit – 30 days
Section 6 – Machinery Breakdown
- Breakdown cover for unspecified machinery – Available for machinery driven by motors not exceeding 5hp (4kw), limit any one incident as specified in the schedule
- Breakdown cover for specified machinery – available
- Breakdown, collapse or explosion cover for specified boilers and pressure plant – available
- Cover for additional unspecified machinery – 90 day cover
Section 7 – Legal Expenses
- Covers legal expenses in defence of workplace occupation health and other specific disputes – up to limit selected
Section 8 – Audit Expenses
- Covers fees of a professional advisor in relation to an audit of your business by the Australian Taxation Office or any other Government agency – up to limit selected
