Strata 2018-06-27T15:56:56+00:00

FIRST for Strata Insurance

If you own a home that shares common property, things can get complicated. So, if buildings, outdoor areas or items are damaged by things like fire, hurricane, flood, escape of water and much more, you want to make sure you have the right cover in place to protect you. Our Strata Insurance protects you – via the designated body corporate, owner’s corporation or executive committee – by covering the residential buildings within a complex and its common areas such as garages, driveways, tennis courts and swimming pools.

Strata Coverage

Our strata policies provide very wide cover, thereby protecting you and providing peace of mind at the same time. You can see the various sections we offer below.

Buildings:
  1. The building structures including garages and outbuildings.
  2. Decking, fences, garden and boundary walls, gates, gazebos, patios, pergolas, railings, surfaced driveways paths or roads, terraces.
  3. Docks, piers, jetties, sea walls, or similar waterside structures – These are only covered if they have been declared to us and accepted by us.
  4. External awnings, blinds, shutters or signs.
  5. Fitness rooms, hard courts (basketball, squash, tennis), hot tubs or jacuzzis, ornamental ponds or fountains, saunas, swimming pools, and any associated equipment required for normal operation.
  6. Fixed items required for normal operation of communication, cooling, heating, lighting, sewage and water supply / drainage – air conditioning units and ducting, communication systems, external satellite dishes / antennae for receiving television signals, solar panels / systems, tanks (fuel, septic, water) – including relevant cables, ducts, generators, meters, pipes, pumps, wires and other equipment
  7. Fixtures & fittings including cooker / dishwasher / freezer / fridge / hob / oven and relevant fittings, decorative finishes, fixed baths / pedestals / sinks / showers / toilets and relevant fittings, fixed ceiling / floor / wall coverings and fixed glass.
  8. Lifts / elevators.
Common Contents:

The insured property, in any common area within the boundaries of the risk location specified in the policy schedule or any endorsement, for which you are legally responsible, which will include but are not limited to:

  1. Carpets, floating floors, curtains and fittings.
  2. Furniture and furnishings that are not built in.
  3. Office, computer and television equipment.
  4. Maintenance equipment.
  5. Portable domestic appliances.
  6. Gym equipment, pool / snooker / table tennis tables.
Covers:

Damage to machinery, whether at work or at rest, or being dismantled for the purpose of cleaning, inspection or overhauling, or in the course of operation, or when being shifted during subsequent re-erection; resulting from its breakdown.

Covers:

Workmen’s Compensation
This provides benefits as a result of bodily injury (including death) to employees ordinarily resident in the geographical area during the period of insurance. Bodily injury (including death) must occur within the geographical area and arise out of and in the course of employment by the strata and in connection with the activities normally associated with the strata.

The benefits are payable for Death, Permanent Total or Partial Disablement and Temporary Total or Partial Disablement.

Employer’s Liability

This provides protection for the amount of damages for which the strata is legally liable to pay and claim costs as a result of bodily injury (including death) to employees ordinarily resident in the geographical area during the period of insurance. Bodily injury must occur within the geographical area and arise out of and in the course of employment by the strata and in connection with the activities normally associated with the strata.

It also provides for defence costs in connection with a claim for which an award of damages is paid or may be payable.

Additional benefits under this section are compensation for court attendance and temporary non-manual work overseas.

Covers:

This provides protection against all sums, including all costs and expenses, which the strata is legally liable to pay as compensation in respect of:

  1. Bodily injury (including death) to a person other than a member of the executive committee or an employee and/or
  2. Damage to property belonging to someone other than the strata, a member of the executive committee or an employee

which occurs within the geographical area during the period of insurance as a result of an occurrence happening in connection with the activities normally associated with the strata.

It also provides for defence costs in connection with a claim for which an award of damages is paid or may be payable.

Additional benefits under this section are liability for incidental medical malpractice and involving lifts and pressure equipment.

This is a “Directors and Officers Liability” type of cover specifically for the strata and provides protection against all sums, including all costs and expenses, which the strata is legally liable to pay as compensation following a claim involving a wrongful act (an actual or alleged act, error or omission, negligence, breach of duty, misrepresentation or misconduct of any member of the executive committee whilst acting in that capacity – these can include but are not limited to failing to act as required, failing to comply with that person’s duty, incorrectly acting, making an incorrect or misleading statement or not carrying out that person’s duty properly) in respect of:

  1. Any member of the executive committee against all loss for which they are not indemnified by the strata.
  2. The strata against all loss for which it grants indemnification to any member of the executive committee, as permitted or required by law, arising from any claim for loss.

It also provides for defence costs in connection with a claim for which an award of damages is paid or may be payable.

*Please note that terms and conditions apply to the above.

Contact us for a quote by completing the relevant proposal form and emailing it to askus@caymanfirst.com or call us on 949-7028 if you wish guidance

Frequently Asked Questions

Do I need Strata insurance? 2018-04-19T16:25:58+00:00

This product is for the body corporate, owners association, strata corporation or strata company and is purchased on its behalf either by the executive committee formed to manage specific affairs of the strata or by a separate strata company to do the same. The Strata Titles Registration Law sets out of the relevant requirements, one of which is to have certain insurance in place. Usually,  a strata would want to protect the property belonging to the strata and may also protect the strata by having Machinery Breakdown, Employers Liability / Workmen’s Compensation, Public Liability and Executive Committee Liability.
 
If you are a proprietor within a strata then you would need to arrange your own insurance to protect any property you own or are responsible for and your liability to the public – we can also assist you with this so see the answer to the next question.

What if I want to have my own contents or personal possessions covered? 2017-07-19T18:56:28+00:00

In that case, the Cayman First Key Protector Home Insurance policy would provide cover. You should contact us accordingly to get advice or a quote and can even get a quote online here on our website.

What do I do if my home has suffered some damage? 2017-08-07T23:19:55+00:00

You need to inform the designated body corporate, owners corporation or executive committee that is responsible for arranging the Strata insurance straight away, so that they can inform the insurance company.