Has your strata budget been in contract over a period of time for any North Queensland projects ?
Recently our team arranged for a re-quotation where the original insurance estimate was in the vicinity of $140K for a large project in this region. The estimate had been included in the budgets for the off the plan contracts.
On advice from our Broker regarding the trend for higher premiums we arranged for a requote – the outcome was phenomenal !!
The new quotation returned at $287K !! Over $147K higher and over 50% increase !!
Our client, at least has the opportunity to discuss the implications with their legal team and mitigate any risk with the proposed increase. Our team is working closely with the insurer to minimise any risk that has been built into the premium with a goal to reduce the increase where possible. Strategies such as site photos, council requirements and concerns of the site which are easily rectified during construction can assist with premium reductions.
Find out now what your project is facing and work on your plan of action.
Our team regularly updates any clients on regional implications that can affect scheme outcomes.
Contact our team on 5504 2015 or firstname.lastname@example.org for a one hour review on how you can minimise risk in your project.