Loss of rent, temporary and emergency accommodation
1. the GST status of the insured, ie. is the insured registered for GST or not?
2. if the insured is registered, their ABN
3. the percentage of input tax credits the insured is claiming, or is entitled to claim i.e. the insured’s taxable percentage.
Failure to accurately declare the extent to which an insured is taxable imposes a GST liability on the claim settlement. This liability is borne by the insured.
Temporary Accommodation – this cover is basically the same as the above cover however in this case the owner is living in the unit. An entitlement is based on the same criteria of the rentable value of the property as with the loss.
Emergency Accommodation – the policy responds to the reasonable emergency accommodation costs necessarily incurred in the event of an admissible claim for loss or damage to the insured property, whereby the unit occupied by a unit owner for residential purposes becomes uninhabitable. Under this benefit, the policy provides for the cost of emergency accommodation necessarily incurred for the first 3 nights to a limit of $200 per night per unit.
Is loss of rent/rentable value cover additional to the sum insured on the building?
Yes. This benefit provides up to 15% of the building sum insured and is additional to replacement of the building itself.
Is any amount payable to tenant?
No. The policy only covers the owner. Any loss by the tenant should be claimed under their contents insurance.
Are the costs associated with the removal off the property of the trees covered?
The professional costs necessarily incurred for the removal and disposal of fallen trees and/or branches (but not tree stumps or roots) that have caused damage to the building, common area contents or landscaped gardens are covered to a limit of $5,000. It must be remembered that in the absence of a fallen tree having caused damage as referred to, there is not compensation available under the policy.
Does the policy cover damage to the body corporates or owners corporations property if a tree falls from a neighbouring property?
Are sewerage/storm water pipes which are damaged by trees covered by the policy?
The invasion of tree or plant roots is specifically excluded by both the commercial and residential strata policies, however resultant damage by water or liquids is covered.
What action can the body corporate or owners corporation take if their property is damaged by a neighbour’s tree?
The body corporate may have the right to sue the neighbour. All inquiries should be referred to legal advisors as further comment is outside the scope of the Insurer’s expertise.