QUS Products

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 residential, 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.

Target Market

Residential risks:

  • Target market – Property Section sum insured up to US$2.5B

Commercial & Mixed use risks:

  • Target market – Property Section sum insured up to US$2.5B
  • We do not write high hazard tenant occupations

Key Benefits & Features

Section 1 – Property Insured

  • Accidental Damage – no sub-limit
  • Property sum insured is not subject to a co-insurance clause

Additional Benefits (in addition to sum insured)

  • 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 30% of buildings sum insured
  • Common Contents – up to 5% of buildings sum insured
  • Rewriting of Records – $100,000 per incident
  • Trees, Shrubs, Plants, Lawns and Rockwork – up to $20,000 per incident
  • Money – up to $25,000 per incident
  • Removal and Storage Costs of common contents – reasonable and necessary costs
  • Replacement of Locks & Keys – up to $5,000 limit
  • Fire Extinguishment Costs – costs and expenses reasonably and necessarily incurred
  • Arson Reward – up to $10,000 per Incident
  • Personal Property of others (including employees) in Your care, custody and control  – up to $10,000 per Incident
  • Claims Preparation Costs – up to $50,000 per Incident
  • Mortgage Discharge – up to $50,000 per Incident
  • Removal of Water from Basement – up to $2,000 per Period of Insurance
  • Additional Utility Charges – up to $10,000 per Incident
  • Exploratory Costs – costs and expenses reasonably and necessarily incurred
  • Alterations and Additions – covered when the cost of the alteration or addition is less than $500,000
  • Maintenance Fees – up to $5,000 per Lot/Unit, per Incident
  • Emergency Accommodation for Lot/Unit Owners or Tenants – $2,500 per Lot/Unit, per Incident
  • Temporary Accommodation for Pets and Security Dogs – up to $5,000 per Lot/Unit, per Incident
  • Modification Expenses – up to $25,000 per Incident
  • Fusion – costs and expenses reasonably and necessarily incurred
  • Increase Sum Insured by CPI – in the event of a valid claim under Section 1 the sum insured will increase by the amount the CPI has increased since the policy was last renewed.
  • Meeting room hire – up to $10,000 for the cost of hiring temporary meeting room facilities for the purpose of holding Your annual general meeting or committee meetings
  • Lot owners travel costs – up to $500 a Lot/Unit for reasonable travel costs
  • Environmental improvements – up to $10,000 for the cost of additional environmental improvements
  • Funeral expenses – up to $10,000 a Lot/Unit
  • Removal of squatters – up to $1,000
  • Removal of nests – up to $1,000
  • Removal of illegally deposited rubbish – up to $2,500
  • Utility Charges – unauthorised use – up to $2,500

Additional Benefits Included in the Sum Insured

  • Removal of Debris – costs and expenses reasonably and necessarily incurred
  • Architect and Professional Fees – costs and expenses reasonably and necessarily incurred
  • Government Fees, Contributions or Imposts – costs and expenses reasonably and necessarily incurred
  • Legal Fees – costs and expenses reasonably and necessarily incurred
  • Temporary Protection – costs and expenses reasonably and necessarily incurred
  • Storm Damage to Gates and Fences – costs and expenses reasonably and necessarily incurred
  • Lot / Unit Owners Fixtures and Improvements in Residential Lot / Units – $250,000 per lot/unit
  • Extra Costs of Re-instatement
  • Floor Space Ratio Index (Plot Ratio)
  • Loss of Land Value

Optional Additional Benefits

  • Catastrophe cover (Sum Insured increased as a result of a government-declared catastrophe or emergency) – options available up to 30% of Property sum insured
  • Lot / Unit Owners Fixtures and Improvements in Commercial Lot / Units – $250,000 per lot/unit

Section 2 – Property Owners Legal Liability

  • Cover for compensation the Insured becomes legally liable to pay for Personal Injury and Property Damage
  • Legal Costs – in addition to the 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
  • Sums Insured available up to $50,000,000

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
  • Cover available up to $250,000

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 maximum of 10 weeks
  • Capital benefits available up to $100,000
  • Weekly benefits available up to $1,000 per week
  • Cover available up to $200,000 Capital + $2,000 weekly

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
  • Cover available up to $20,000,000

Section 6 – Machinery Breakdown

  • Blanket cover of $100,000 automatically included

Section 7 – Legal Expenses

  • Legal Expenses incurred in the pursuit of an appeal – up to limit selected
  •  Legal Expenses incurred, arising out of a dispute  in defence of workplace occupation health and other specific disputes – up to limit selected
  • Cover available up to $100,000

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
  • Cover available up to $50,000

Copyright © 2013 QUS PTY LTD - AFSL 321877 - ABN 92 122 665 310 - Website - Bark Productions