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Elements and Performance Criteria

  1. Establish legislative requirement for insurance.
  2. Clarify insurance requirements for strata community.
  3. Arrange valuation of asset for insurance purposes.
  4. Place insurance.
  5. Assist with lodging insurance claim.
  6. Review insurance arrangements.

Range Statement

This section specifies work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Bold italicised wording, if used in the performance criteria, is detailed below.

Legislative requirements for insurance must include:

Australian Competition and Consumer Commission (ACCC)

Corporations Act

Insurance Contracts Act

Strata Title Acts.

Strata communities must include:

commercial

new builds

residential.

Optional insurance cover must include:

office bearers’ legal liability

appeal expenses

catastrophe insurance

common property contents

fidelity guarantee

government audit costs

legal defence expenses

lot owners’ improvements to the building

machinery breakdown

voluntary workers insurance

workers’ compensation.

Relationships with insurers and insurance brokers must include:

acting asan agent

receiving commissions from a third party.

Source documents must include:

as-built plans

certificate of occupancy

depreciation schedule

legislation requirement

plan of subdivision

previous valuation

sinking fund report.

Information on assets must include:

building classification

building material

improvements and additions, including:

communication towers

embedded networks

playgrounds

underground tanks

number of storeys

plant and machinery.


Performance Evidence

A person demonstrating competency in this unit must satisfy all of the elements, performance criteria, foundation skills and range of conditions of this unit.

The person must administer the insurance arrangements and resolutions required for the strata communities of each of the following:

one new build

one residential strata community

one commercial strata community.

In doing the above, the person must:

establish legislative requirements for above insurance

place required insurance

assist owners corporation with lodging insurance claims

apply knowledge of organisation’s practices, ethical standards, and legislative requirements associated with administering insurance for strata communities

monitor and review insurance requirements, and safely and securely maintain required documentation.


Knowledge Evidence

A person demonstrating competency in this unit must demonstrate knowledge of:

asset valuation procedures

insurance requirements for:

commercial developments

new builds

residential developments

minimum legislative insurance requirements for strata communities

key requirements of federal, state or territory legislation and local government regulations relating to:

anti-discrimination

consumer protection

environmental issues

equal employment opportunity (EEO)

financial probity

privacy

strata communities

work health and safety (WHS)

roles and responsibilities of strata managers in relation to insurance for strata communities

sources of professional advice about insurance for strata communities.