The Body Corporate and Community Management Regulations requires that a body corporate must be insured for full replacement value, which includes the above items such as removal of debris and consultants fees. The regulations also require that a valuation be carried out a minimum of every 5 years.
Regardless of the original construction cost, to ensure you are properly insured for an insurable event the estimate must include; escalation, demolition/removal of debris, re-design fees and local authority application fees. These are all significant costs over and above the construction cost.
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Latest Compliance News
There is a serious side to operating and maintaining high bather load swimming pools and spas such as those in Strata Communities.
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The Queensland Fire and Emergency Services (QFES) is currently in the process of issuing the Annual Alarm Management Charge (AMC) for the 2019-20 financial year.
The inspection of main switchboards and testing of communal safety switches is something that we too often see has been overlooked by strata building owners.