Over 500 strata managers recently participated in a series of forums rolled out across capital cities in Australia covering a diverse range of hot topics from liabilities and exposures arising from the valuation process to the impact on strata managers of the upcoming legislative changes in NSW. Strata managers were given insights into industry best practice, their exposure to risks and strategies to mitigate them.
The panel sessions featured industry professionals including lawyers, engineers, valuers and strata managers in each State. Key take-outs were that the valuer is a critical player in the protection of the assets and liabilities of bodies corporate, as incorrect valuations and underinsurance may lead to exposure to claims against them.
Legislative impacts on strata managers
Preparedness for legislative changes and their impact on strata managers was a key theme for the NSW forum. To mitigate this risk, and to support strata managers in complying once the changes are in effect, this session focused on depth of changes, timing for implementation, risks and exposure for strata managers, their management agreements and costs of service.
These sessions were organised by Strata Community Insurance, an independently owned private company partnering with the Allianz Group.