Disclose. Document. Communicate

SCAQ is proud to introduce and promote the ‘Strata Insurance Disclosure Best Practice Guide’, which sets out necessary and critical changes to how SCAQ members disclose strata insurance practices.
 
The intent of the new best practice guide and the supporting collateral is to:

• Elevate SCAQ members in the eyes of strata committees and consumers.

• Eliminate some of the poor insurance practices and bad actors who undermine confidence.

• Build and improve relationships between strata managers, committees and consumers.

• Give members resources to support and improve their practices, as well as explain strata insurance to consumers and committees.

The main components of best practice strata insurance disclosure have been summarised into three steps:

1. Disclose - the disclosure of the eight (8) financial items of each strata insurance placement.

2. Document – what to document and how to document it, including templates.

3. Communicate – how and when to communicate with all parties involved.