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Company title insurance solutions for shared residential buildings

Insurance for company title schemes can help address property damage, shared-area liability and fidelity risks for residential buildings owned through a company structure.

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What is insurance for company title schemes?

Company title is an older form of shared property ownership that predates strata title. In a company title arrangement, a company owns the building and shareholders hold interests linked to rights to occupy a particular unit or area. By comparison, strata title typically involves ownership of an individual lot and shared common property.

This different ownership structure can affect how insurance is arranged and how the building, shared property, liability risks and company funds are considered. Policy terms, conditions, limits and exclusions will vary between insurers.

Insurance solutions for company title buildings

Company title buildings may need several types of insurance to help protect the property, shared areas and company funds. The exact responsibility for arranging each cover can depend on the company’s governing documents and applicable requirements..

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Building insurance

Can help cover insured damage to the building and relevant shared property, subject to the policy, sums insured, terms, conditions and exclusions.

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Public liability

Can respond if the insured becomes legally liable for third-party injury or property damage connected with shared areas or insured property, subject to the policy, sums insured, terms, conditions and exclusions.

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Fidelity guarantee

Can help respond to fraudulent misappropriation of insured funds, subject to the selected cover, sum insured, terms, conditions and exclusions.

What insurance for company title schemes may cover

selected option

Cover for shared property risks

Company title insurance solutions can combine property and liability protections around the building and shared areas. The exact cover depends on the insurer, policy wording and selections.

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Property damage

Cover may respond to insured damage to the building and common-area property, subject to the policy wording, sums insured and applicable exclusions.

Shared-area liability

Cover may respond where the insured is legally responsible for third-party personal injury or property damage linked to shared areas or insured property, subject to the policy, sums insured, terms, conditions and exclusions.

Fidelity risks

Where selected, fidelity cover may help respond to fraudulent misappropriation of insured funds, subject to the policy limit, terms and exclusions.

Office bearers’ liability

Some policies may cover certain claims against directors or office bearers arising from alleged wrongful acts while carrying out their duties. For more information, review the relevant policy wording.

Check the policy exclusions

Company title policies include conditions and exclusions. Cover depends on the insurer, the policy wording, the event and the circumstances of the claim.

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Wear and tear

Gradual deterioration, wear and tear, maintenance issues and similar causes may be excluded or limited under property cover. For more information, review the relevant policy wording.

Intentional acts

Loss or damage caused deliberately by an insured person may be excluded, depending on the policy wording and the circumstances.

Known circumstances

Claims-made covers may not respond to claims arising from facts or circumstances known before the relevant cover began, subject to the policy wording.

Amounts above policy limits

A policy will only respond up to the applicable sum insured or limit and subject to policy terms and conditions. Any uninsured amount may need to be funded separately.

Common risks for company title buildings

Keeping building values and insurance arrangements up to date can help reduce the risk of an uninsured shortfall after a major loss.

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Underinsurance

If the building sum insured is too low, part of a major loss may remain uninsured and need to be funded separately.

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Replacement value

Insurers generally recommend that building insurance should reflect the cost of rebuilding or replacing insured property, rather than relying only on its market sale value.

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Rising rebuild costs

Inflation and changing construction costs can push up rebuilding expenses, so declared values may need regular review.

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Outdated valuations

Regular professional building valuations can help check whether the sum insured remains aligned with current rebuilding costs.

Public liability for shared property 

Shared areas can create liability exposures. If a visitor, resident or contractor is injured, or third-party property is damaged, a claim may follow.

Public liability cover may respond where the insured is legally liable for personal injury or property damage connected with shared areas or insured property, subject to the policy wording, limits and exclusions.

Why choose Marsh to arrange insurance for your company title scheme?

Company title can be a specialised insurance placement. Marsh can help you understand the risk, approach insurers and support you through the insurance process..

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Specialist strata experience

Marsh has a dedicated strata practice that works with shared-property risks, including more specialised ownership structures.

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Insurance market access

 

The underwriting market for company title can be limited. Marsh can approach relevant insurers and help you understand available cover options for your property.

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Risk and policy review

 

Your broker can review existing insurance arrangements, identify potential gaps and help explain policy terms and conditions. 

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Claims advocacy

 

Marsh can help progress claims, coordinate information with insurers and advocate for you during the claims process.

Why use a broker?

Insuring a Company title scheme can involve different ownership interests, shared property and a more specialised underwriting market. A broker can help explain the risks and insurance options in plain language.

Marsh can help review your current arrangements, approach insurers, negotiate terms and support you through placement and claims.

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Explore strata insurance solutions

Explore insurance information for the people and organisations that manage, own or support strata properties.

Frequently asked questions

  1. Complete and submit a claims form to strata@marsh.com.
  2. Once Marsh has received all required information, the claim will be registered and sent to the relevant insurer within 1 business day. 
  3. After all relevant information has been received and any necessary enquiries have been completed, the insurer will aim to respond within 10 business days. 
  4. Claim updates are provided by the insurer to claimants as agreed, or Marsh will issue written acknowledgement to the notifying party (intermediary or direct customer) every 10 days. 
  5. Marsh will make reasonable efforts to share updates as soon as they become available. 
  6. In most circumstances, the insurer aims to determine the claim within 4 months of lodgement, although this may be affected by exceptional events such as catastrophes or delays in receiving responses.

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Insurance for company title schemes are insurance arranged around a building owned through a company structure. Depending on the policy selected, it may address risks including insured property damage, liability relating to shared areas and fidelity risks.

With company title, a company owns the building and shareholders hold interests linked to rights to occupy particular areas. Strata title typically gives an owner title to an individual lot together with an interest in common property.

Insurance is arranged for the relevant company title entity and its insured interests. The exact responsibility for arranging cover can depend on the company’s governing documents and applicable requirements, so these should be checked when arranging insurance. 

Claims may involve insured building damage, third-party injury or property damage in shared areas, fraudulent misappropriation of company funds or certain allegations against directors and office bearers. Cover depends on the policy selected.

Company title is a less common ownership structure and the available underwriting market can be more limited. A broker can help explain the risks, approach relevant insurers and review available insurance options.

Marsh can approach relevant insurers within the available company title market and help you consider suitable options. Insurer participation, terms, limits and availability will depend on the property and its individual risk profile.

Need to make a claim?

  1. Download a claim form here.
  2. Complete all sections of the claim form.
  3. Send your completed claim form to strata@marsh.com.
  4. Marsh will lodge the claim with the insurer and advise on the next steps.

This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances.

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238 983) (“Marsh”) and Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369) (“MAI”) arrange the general insurance (i.e. not the Discretionary Trust Arrangement) and are not the insurer.

Discretionary Trust Arrangements are issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417 964) (“JGS”). Any advice or dealing in relation to a Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). The cover provided by a Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.

For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements (PDSs) available from the relevant product issuer. Target Market Determinations (TMDs) are available here.

Marsh, MAI, JGS and JLT are all businesses of the Marsh group.

LCPA 26/3502