I am an owner in a small strata group (4 units) at each AGM, our Body Corporate Manager, always Tables "advises
the meeting - that a valuation was not held" with regards our strata insurance.
So at the yearly AGM, we have a motion tabled "That the Body Corporate Manager is authorised to renew the current policy, subject to any valuation, resolved for limits of cover and any directions, from the officer bearers for quotes for insurance cover presented"
Many years ago when I was in business, I had a new valuation every 3 to 4 years.
I was advised recently that "Strata Managers" are on an average commission of (about) 20% !
Would I be right in suggestion, that our insurance policy is revalued every three years ?
As well, three quotes are to obtained and presented at the AGM, for discussion and approval.