The owners corporation is responsible for making sure all necessary insurance policies are in place and up-to-date. Policies must be with an approved insurer authorised by the APRA – Australian Prudential Regulation Authority.
Types of Insurance needed include building insurance, public liability insurance, workers compensation insurance and voluntary workers insurance.
Owners or tenants should take out adequate insurance on the contents of their property. Landlords should also consider specific landlord insurance to suit their circumstances.