Mark McGuire

Strata Valuations and Underinsurance

Strata underinsurance is one of the areas Mark is strongest on. He regularly talks owners through the difference between carrying forward an indexed sum insured and obtaining an independent insurance valuation that reflects what it would cost to rebuild the property today.

Strata insurance requirements differ between Australian jurisdictions, and some schemes are subject to specific valuation and insurance obligations. Mark explains the requirements that apply to a client's scheme in practical terms, and encourages owners to treat the building sum insured as a rebuilding-cost question rather than a market-value question.

He is particularly conscious of self-managed schemes, where volunteer owners may have no strata manager or specialist adviser prompting them to review valuations, construction details, policy limits or other insurance information. Where it is appropriate, Mark can also arrange access to the desktop building replacement valuation support Consolidated Insurance Brokers provides.

Where the Strata Policy Ends

A common source of confusion is assuming the strata policy covers everything associated with an individual lot. Mark spends time helping owners understand where the strata policy ends and where separate cover may be needed for a homeowner, a landlord or a commercial property owner.

That can include contents, fixtures and fittings, liability exposures and other property interests that may sit outside the strata policy. His aim is to make those boundaries clear before a loss rather than after a claim.

Disclosure, Construction and Insurer Requirements

Mark also places strong emphasis on accurate disclosure. Construction type, building materials, occupancy and other risk information can materially affect an insurer's underwriting decision, and his experience as a strata underwriter and broker helps him explain why apparently small details can influence premium, terms, acceptance and claim outcomes.

So he encourages clients to provide complete, accurate information, and to raise changes early rather than assume a previous answer still holds at renewal.

Office Bearers and Self-Managed Schemes

Self-managed schemes can place significant responsibility on volunteer owners and committee members. Mark helps clients understand the role of office bearers liability, and why committee members should consider the protection available for allegations arising from decisions made in their strata-management role. He also works closely with those schemes on the practical side: renewals, payment timing, ownership changes and keeping insurer information current.

How Mark Works With Clients

Mark's day-to-day role is built around communication: he works between clients and insurers, explains cover and insurer requirements, supports renewals and claims, and helps owners resolve issues before they become larger problems. He believes strata owners should understand why a cover is recommended, what the policy is designed to protect and what information the insurer is relying on. The objective is not simply to place a policy; it is to help the client make an informed decision about the protection of the strata property and the people responsible for it.