Owners Fight Risk At Every Level
The Age
Wednesday April 12, 2006
THE growing popularity of strata office investments has led to the establishment of an online insurance and reinsurance package aimed at making policies easier to access.
ACE Insurance, part of the global ACE Group of Companies, yesterday launched a wide-ranging insurance product for strata property managers, landlords and owners.The value of the strata office market is estimated at $300 million. Backed by the latest technology, ACE will be providing strata managers and owners a competitive product with broad coverage and attractive pricing, as well as a fast and centralised claims service with a 24-hour telephone hotline. The online technology, which has proven to be successful for ACE elsewhere in its global network, allows the company to provide quotes over the internet quickly. The web technology will also seamlessly facilitate the quoting and binding of risks and online processing of endorsements, renewals and cancellations. ACE's Australia and New Zealand chief executive, Paul Venning, said the technology was designed to issue some guidelines to ensure investors and owners of strata property that the asset is well managed from a risk perspective. Mr Venning said there was a hole in the policies offered for insuring strata properties."We believe we can make a real difference in the commercial property market with our suite of products backed by the latest online technology". "ACE's products in commercial property have proven to be very successful overseas and we expect to inject a new level of competition to this lucrative market by offering real choice to the insurance-broking community," Mr Venning said. "We aim to provide property managers, as well as body corporates, with a complete, affordable and timely solution to the ongoing management of their portfolios, ranging from commercial offices to apartment buildings. "By leveraging best practices overseas with efficient online technology, ACE will deliver to the Australian market a solution which will raise the level of risk management, professionalism and service that will benefit the end-client." Mr Venning said the system has been designed for the Australian market as it is not considered crowded. The service will be offered through insurance brokers. It includes damage to building and common area contents as well as fire extinguishment, minimisation of imminent damage, professional fees, removal of debris and power failure.KEY POINTS ? A new insurance product is tailored towards strata developments. ? ACE Insurance says its online product is faster and will improve risk management.
© 2006 The Age