10 reasons why you should insure with CHU

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10 reasons why you should insure with CHU Powered By Docstoc
					10 reasons why you should insure with CHU
                             compare your residential strata insurance with ours
                             At CHU we are often asked to compare the cover we offer with
                             other insurers. To make this easy to understand, we show some
                             of the practical situations faced by many Bodies Corporate and
                             Lot Owners to demonstrate how CHU’s cover is superior.

                             Not all policies are the same. Cutting corners on premium costs
                             can only mean one thing; cutting corners on cover. If you are not
                             insured through CHU we suggest you take a closer look at your
                             current policy and note the differences…

CHU: “Yes”
Other insurers: “Unlikely”
                             1   Over the weekend we had a burst pipe in the front yard area. Thankfully
                                 there was no damage to the building itself however we are concerned
                                 about the potential costs. The leaking copper water main was six foot
                                 under and appeared to fail for unknown reasons. The leak was so
                                 substantial it required a team of six workers a full weekend to find and
                                 repair. We are potentially looking at a $10,000 bill. Will our insurers
                                 cover this event?

CHU: “Yes”
Other insurers: “Unlikely”
                             2   During the course of maintenance work to the roof a heavy downpour
                                 penetrated the builder’s temporary roof covering. As a result my
                                 ceilings have collapsed. It’s a disaster. Will our insurance company
                                 replace the ceilings?

CHU: “Yes”
Other insurers: “Unlikely”
                             3   After last month’s rainstorm the basement drainage system couldn’t
                                 remove the water quickly enough. Whilst the water did not pose
                                 any threat to the building itself we called in emergency plumbers
                                 to remove the excess water as a means of mitigating any potential
                                 damage to owners vehicles and property contained within the
                                 storerooms. The cost was $1,900. Can we claim this from our insurers?

CHU: “Yes”
Other insurers: “Unlikely”
                             4   Our common property air-conditioner motor has broken down.
                                 I arranged for a repairer to inspect the installation. The repairer
                                 advised the old 4.8 kilowatt motor had burnt out and will cost
                                 $4,500 to fix. Is this covered under the policy?

CHU: “Yes”
Other insurers: “Unlikely”
                             5   We had a burst pipe repaired recently under the driveway area. The
                                 leak was not noticeable. In fact it only came to our attention once
                                 our quarterly water bill was $2,000 more than usual. The water
                                 supply authority has advised us it’s our problem. Is there any cover
                                 for the excess water usage charge of $2,000?

CHU: “Yes”
Other insurers: “Unlikely”
                             6   A large tree fell during the course of a storm damaging our landscaped
                                 gardens. The landscaping has been quoted at $3,000 to repair in addition
                                 to $5,000 to remove the tree. Does our insurance cover this cost?

                                                                CHU Underwriting Agencies Pty Ltd (AFS License No: 243261) is an
                                                                underwriting agency acting on behalf of the insurers: QBE Insurance
                                                                (Australia) Limited ABN 78 003 191 035 (AFS license No: 239545).
CHU: “Yes”
Other insurers: “Unlikely”
                                 7      Our building was only constructed two years ago. A glass balustrade
                                        fell from a unit on the 5th floor during a storm. Thankfully no-one was
                                        hurt. We’ve had the balustrade in this and other units inspected by
                                        an engineer who cannot identify any faults. The Local Council has
                                        served us with a Notice / Order to scaffold the entire building to
                                        ensure public safety. The cost of this exercise which we believe to
                                        be unnecessary (as supported by engineering advice) will exceed
                                        $500,000. We need to appeal this order made by Council. Our solicitors
                                        anticipate their appeal expenses could range anything from $30,000 to
                                        $100,000. Will our insurance policy cover us for the appeal costs?

CHU: “Yes”
Other insurers: “Unlikely”
                                 8      As our Strata Managers dealing directly with CHU, if the Owners
                                        Corporation gave you instructions to renew our insurance policy
                                        and by an act, error or omission you failed to do so, we would be left
                                        uninsured. In this situation would our insurers cover us in the event
                                        of a claim?

CHU: “Yes”
Other insurers: “Unlikely”
                                 9      Over the weekend a group of hooligans stole our newly planted
                                        trees, plants and shrubs. They are going to cost over $9,000 to
                                        replace. Will our insurers cover this expense?

CHU: “Yes”
Other insurers: “Unlikely”
                                 10     Our building is valued regularly in accordance with our obligations
                                        under the Act. Over the years however we understand various owners
                                        have undertaken renovations etc. The valuer does not enter each
                                        property owner’s lot and therefore could not accurately account
                                        for the additional work undertaken into their building sum insured
                                        calculation figure. We are concerned as owners that some of us
                                        individually could face a shortfall of up to $250,000 per lot in the
                                        event of a total loss by, say, a fire. Would our insurers cover the
                                        owners individually in this situation for the shortfall if the building
                                        sum insured was insufficient?

Other insurers may provide some of these additional benefits and some won’t – CHU offers ALL of
these plus more. These benefits and others are included automatically in CHU’s policy at no additional
cost to clients.
CHU is Australia’s first specialist in strata and community title insurance and more people put their
trust in our policies than any other insurer in Australia.

For more information on the benefits of being with CHU, visit our website www.chu.com.au and download:
   Why choose CHU;
    Residential comparison flyer;
    Policy wording and Product Disclosure Statement (PDS).
Or call your local CHU office.

The information contained in this leaflet is a summary only and does not represent the full terms and conditions
of the insurance contract. To decide if a policy is right for you, please carefully read the PDS.

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