Strata Title Insurance Under Parliamentary Review

Cairns Post Article - January 13, 2012
'Call to Action in Cairns Over Strata Insurance'

THE chairman of a parliamentary committee looking into the increasing costs of strata title insurance in Far North Queensland is urging the industry to make as many submissions as possible before the deadline on Monday.

The committee is investigating reports that insurance costs for units and apartments have risen by up to 800 per cent after cyclone Yasi.

It will examine if the Federal Government should intervene.

Committee chairman Graham Perrett said he encouraged input from more people.

"We’re particularly interested in hearing from any law firms or people who run body corporate enterprises and there is the capacity because I know it’s a small market in Cairns, Townsville, Mackay, Port Douglas for people to put an inquiry in and we can make it as confidential as possible," he said.

Mr Perrett’s office said there had been 40 submissions but it was important to have more.

A spokesman said some of the industry groups and associations had yet to file submissions.

"It is important there are as many as possible so everyone is heard and that an impact is made," he said.

A spokeswoman for Archers Body Corporate Management said there was concern that if there were not enough submissions, the inquiry would not get an accurate picture of the situation.

After community forums in November, the Federal Government announced the Natural Disaster Insurance Review would be expanded to incorporate the issue of rising strata insurance premiums in the region.

Archers director Andrew Staehr said the inquiry was broad-ranging and asked for submissions from the public. "It is essential that unit owners have their say to ensure that the outcomes of the inquiry reflect the current price situation," he said.

Submissions in Word or PDF format can be sent to spla.reps@aph.gov.au and must include full contact details.

Public hearings are scheduled for Port Douglas on January 30 at the Community Hall, Mowbray St, from 9am-noon and in Cairns at the Sebel Hotel, 17 Abbott St, from 2.30pm-5.30pm.


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