In a body corporate, the manager is responsible for ensuring that the body corporate is managed properly. The manager is also responsible for organising meetings, including General Meetings, Annual General Meetings, and ad hoc meetings as required. These meetings must be conducted effectively and minutes must be properly kept.
The manager needs a good background in industry practices and legislation, as well as a strong knowledge of bookkeeping. Typically, a larger firm will have a dedicated team to handle this work. The manager is usually appointed by a general meeting, and often performs the duties of the treasurer or secretary. The manager also attends committee meetings and sends out related notices.
In addition, a body corporate manager must be highly organized and have a quick turnaround time on queries. A red flag for a bad manager is a lack of knowledge or expertise. For example, if a manager only has experience in one type of strata scheme, it is likely that he is not familiar with another type.
When hiring a new body corporate manager, it is important to know what your expectations are for the manager. You should draft a document that outlines your expectations. Then, discuss these with the new manager. It is essential to do your due diligence when choosing a new manager, so consider setting up a working group to identify potential candidates. It will also be helpful to interview potential candidates so you can find the right person for your body corporate.
Insurance obligations of body corporate services in Gold Coast
A body corporate has a legal obligation to insure its buildings. It should select an appropriate insurance advisor and declare the amount it wishes to insure. The insurance policy should cover the building and any permanent fixtures and fittings. It should also include liability and indemnity insurance. The insurer should be able to provide a comprehensive insurance policy to cover the specific risks associated with body corporate buildings.
While the cost of insuring a body corporate is typically shared among the unit owners, it should be noted that this cost is not necessarily split evenly. The cost is generally based on the proportion of units that participate in the body corporate. The unit owner who claims on the insurance must pay any excess payments.
Insurance for body corporates is a legal requirement, as it covers the building, common property, and common areas. It is available for both commercial and residential properties, and includes public liability and building cover. It is essential to obtain adequate cover for the buildings and common areas, including roofs, walls, balconies, and swimming pools.
Body corporates must insure one or more buildings at full replacement value and obtain an independent valuation every five years. The value of the building must be stated in the valuation. If the building is not insured, the owners of each lot must contribute to the valuation costs. In addition, the owners of each lot in a two-lot scheme must pay a proportion of the premium for reinstatement insurance.
A body corporate’s responsibility also includes the general upkeep of the building and common areas. Insurance covers any damage to the building, fixtures, and fittings, as well as legal liability for the common property. However, it is important to note that the insurer does not cover carpets, air conditioners, or floor coverings.
For more information, visit the website of Stratasphere in Gold Coast.