Listen in as we chat about Strata Insurance the Product. Previously we discussed how a strata company is a not for profit, unlimited liability legal entity, therefore financially responsible (on behalf of all lot owners), for all the assets such as the building and the land, and all liabilities it may have.

Owners in Strata Companies need to be aware that there is no cap on these liabilities, they are exposed to any net liabilities of the strata company up to the full extent of their net wealth (not just what you invested into the property).

And like all legal entities, a strata company can sue and be sued. It’s important to “get involved” protect your asset, your wealth and understand not all insurance products are created equal.