A major insurance company has agreed to fund individual building risk assessments for strata-titled buildings in North Queensland.
Strata Unit Underwriters, a wholly-owned subsidiary of CGU, will oversee the assessments which could begin next week in Townsville.
The assessments will be fully funded by the companies and will be conducted by building consultancy firm Sergon. Individual risk assessments will be carried out with all of the residential strata properties insured by CGU and SUU and take between eight and 12 months to complete.
CGU insures more than 350 strata titled properties in Cairns and 100 in Townsville.
CGU spokesman David Grabau said the assessments will consider building construction types and methods, exposures to direct wind-driven rain, and other hazards and possible defects. CGU will then review individual premiums and savings could be as high as 25 per cent. Recommendations to improve individual properties will also be passed on to bodies corporate.
Leichhardt MP Warren Entsch congratulated the CGU and SUU for listening to residents. “It’s interesting they are doing it independently of the Insurance Council of Australia, which has sat on their hands and done pretty much nothing.”