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 documents  are obtained.

3.2.

Information on assets  to be insured is 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 as an 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.