Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions.

1

Establish legislative requirement for insurance.

1.1.

Research and access legislative requirements for insurance for each strata community.

1.2.

Organisational requirements for arranging insurance for individual strata community are identified.

2.

Clarify insurance requirements for strata community.

2.1.

Legislative insurance requirements for strata community are communicated to strata community.

2.2.

Information on optional insurance cover is provided to strata community.

2.3.

Relationships with insurers and insurance brokers are disclosed to strata community.

2.4.

Information on extent of insurance cover is communicated to individual lot owners.

2.5.

Situations requiring specialist advice are identified and assistance is sought as required.

2.6.

Authority to obtain quotations from insurers or insurance brokers for strata community is obtained from owners committee.

2.7.

Insurance proposal documentation is completed.

3.

Arrange valuation of asset for insurance purposes.

3.1.

Source documentsare obtained.

3.2.

Information on assets to be insuredis gathered.

3.3.

Valuation specialist is engaged to advise on value of asset.

3.4.

Valuation is recorded and associated documentation, including statement of limitations in determining value of asset, is stored for ease of retrieval.

3.5.

Information on value of asset is provided to strata community and as required to insurer.

4.

Place insurance.

4.1.

Suitable insurers or insurance brokers are identified and quotations and product information are obtained in line with instructions from strata community.

4.2.

Insurance quotations are reviewed to ensure accuracy and compliance with strata community, legislative and organisational requirements.

4.3.

Insurance quotations and associated documentation are communicated to the strata community.

4.4.

Adequate insurance policies and cover are acquired in line with instructions from the strata community.

4.5.

Certificates of currency for insurance policies for strata community are maintained and stored securely.

4.6.

Potential risks are monitored and communicated to strata community and strata community’s insurer.

5.

Assist with lodging insurance claim.

5.1.

Assistance is provided to strata community to make insurance claim.

5.2.

Documentation to support insurance claim is lodged with insurer or insurance broker.

5.3.

Roles and responsibilities of insurance assessors are recognised.

5.4.

Insurance claim records and relevant information are securely stored.

6.

Review insurance arrangements.

6.1.

Insurance arrangements are monitored and reviewed regularly in consultation with strata community to ensure compliance with legislative and strata community’s requirements.

6.2.

Business equipment and technology are used to maintain and securely store insurance documentation.

This section describes the language, literacy, numeracy and employment skills essential to performance in this unit but not explicit in the performance criteria.

Skill

Performance feature

Learning skills to:

maintain current knowledge of legislative requirements for insurance for strata communities.

Numeracy skills to:

perform routine calculations associated with reviewing insurance options.

Oral communication skills to:

ask questions to clarify insurance requirements of strata community.

Reading skills to:

read and interpret standard insurance documentation.

Writing skills to:

complete standard insurance claim forms.

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.