Longitude Insurance

Smarter Strata Insurance for brokers Australia-wide.

Did you know?

Longitude is lifting the
minimum Sum insured
for Public Liability to
$20m for NSW Policies.

Our latest example of
"Smarter Strata"

About Us

At Longitude we are single minded – we only deal in strata insurance. We only deal with brokers and offer specialist terms Australia-wide. This unique combination makes Longitude one of the fastest growing strata insurance specialists in the Australian market today.

Our underwriting capability and strong strata knowledge ensures a seamless and smooth working relationship with our supporting brokers. Longitude, with the backing of one of Australia’s best known and most respected brands, Vero Insurance, is uniquely positioned to provide brokers with market leading, specialist strata cover that protects the body corporate beyond their minimum legislative obligations.

Send your quote requests to strataquotes@longitudeinsurance.com.au or
call us on 1300 442 676

The Policy

What we offer

  • Expertise in strata
  • Exlusive support for brokers
  • Available to all brokers (not cluster specific)
  • Servicing Australia-wide Strata risks
  • Backed by AAI Limited trading as Vero Insurance
  • First class claims management

Key features of the policy

  • Cover is available for Residential, Commercial & Mixed Strata
  • Cover is designed to meet your Strata's insurance obligations including consistency with each state or jurisdiction's various Strata legislations
  • Single Package product for your Strata's general insurance needs
  • Workers' Compensation cover can be offered as a separate policy

Specialised insurance products and cover for brokers and the strata market supported by Vero Insurance.

The Company

Longitude opened its doors for business on 3rd September 2012 with the resolve of providing brokers with a new, top class strata insurance proposition and underpinned by a customer service ethos that is hard to beat.

Today, we work with brokers in every State and Territory, providing cover Australia-wide and quotations on strata risks ranging from the straightforward duplex to large mixed-use strata buildings.

Working hand-in-hand with our supporting brokers, we ensure the correct protection for bodies corporate at the appropriate premium.

Longitude has the advantage of being backed by Vero, part of Australia’s largest domestic insurance group, and our combined attribites are unique in the Australian strata market. Our specialist cover includes residential, commercial, and mixed-use strata buildings.

Longitude Insurance Pty Ltd is an Authorised Representative of Austagencies Pty Ltd, ABN 76 006 090 464 AFSL 244584. Policies are underwritten by AAI Limited ABN 48 005 297 807 AFSL 230 859, trading as Vero Insurance

Cover for workers compensation, where offered in Western Australia, Australian Capital Territory, Tasmania and Northern Territory, is underwritten by AAI Limited trading as GIO.

Why use Longitude insurance?

  • Top class strata insurance policy wording
  • Broker focused – dedicated support
  • Strong financial security rating (backed by Vero Insurance)
  • Ability to service Australia-wide strata risks
  • Claims expertise - via Longitude’s claims team and Vero’s (Australia’s largest) event management structure
  • Expertise in Strata
  • Strata only dedicated business (no other products)

Key features of the policy

  • Cover is available for Residential, Commercial and Mixed Strata
  • Cover meets each Strata’s obligations to comply with their various state legislations
  • Market leading machinery breakdown cover
  • Additional defence costs of $250,000
  • Removal of debris paid in addition to the building sum insured limit
  • Broader catastrophe cover (fewer gaps)
  • Workers Compensation cover can be offered as a separate policy*

Our claims philosophy

We understand our main role is after a loss has occurred when the insured may be feeling anxious or frustrated and we take great pride in our excellent communication and claims handling skills during these difficult times. We take prompt and immediate action when a loss has occurred and work closely with our panel of specialised service providers to provide our brokers the peace of mind they need.

We draw experience from a wide range of skills and knowledge in order to fulfil our mission of striking the correct balance between efficient claims handling and ensuring our customers claims receive their full and just entitlement. Longitude claims expertise ensures supporting brokers have access to autonomous claims accountability on everyday strata issues via our in-house claims management team, whilst for larger losses, clients have access Vero’s (Suncorp Group) event management structure, Australia’s largest.

The A-Z of Strata Insurance 

A sensible starting point for insurance is to check when the last professional valuation was carried out on the strata building. Most States require a valuation at least every 5 years and best practice is at least every 3 years. Think about the situations and risks that are specific for your property and check this against the cover you have, or intend to have. Remember a Body Corporate (Owners Corporation) is legally obligated to cover the full replacement/reinstatement costs for their strata buildings and risks.

What is strata?

Ownership of an individual apartment in Australia was dramatically changed in the early 1960s. Australia lead the world by introducing something new called ‘strata’ as a way of detailing individual ownership and common ownership of property. This was through a legal entity called an Owners Corporation or Body Corporate. The concept of owning ‘air-space’ within defined boundaries was introduced and the terms ’lot’ and ‘lot owners’ were born.

What is strata insurance?

One of the key legal obligations of the Owners Corporation is to take out and maintain the correct level of insurance i.e. to avoid any financial shortfall should the worse happen. Owners of strata titles typically share the premium costs of strata insurance as part of their strata fees. Holding strata insurance is mandatory under each State’s relevant strata legislation.

What does strata insurance cover?

Each State has legislation that obligates every Owners Corporation to insure their buildings for their full replacement/reinstatement value. Strata insurance generally covers accidental damage to common or shared property as defined on the title of the property, removal of debris costs, ancillary costs e.g. costs of engaging architects, and public liability cover (WA Workers Comp as well) . Cover includes common areas, contents, lifts, pools, car parks, gardens, wiring, balconies, walls, windows, ceilings and floors. Strata insurance must provide liability cover in the event people are injured on common property. Not all policies are the same so it is important to check what is covered under your insurance policy.

What does strata insurance NOT cover?

Strata insurance is like any other form of insurance, in that there are restrictions to the policy expressed as exclusions. Each insurer has different exclusions and policy terms and conditions. Make sure you understand what is covered and what is excluded from the policy your owners corporation, strata manager or broker has purchased. Exclusions can be for certain risks, such as landslip or flood, or for general wear and tear and maintenance of the property. Remember, strata policies do not cover your personal contents and personal items.

Is this the only cover I need as a resident/lot owner?

No. You should make sure you have appropriate contents cover for your belongings and for those things strata insurance does not protect. Strata insurance covers only common or shared property. This may include some of the fixed parts of your unit, but will not cover everything. It is important you read the strata policy wording and insurance schedule to understand what is and is not covered in your unit/strata plan.

Where can strata insurance be purchased?

A number of insurers in Australia provide residential strata insurance cover. Many strata managers or body corporates use a broker or specialist underwriting agency to negotiate cover.

What cost factors contribute to the premium?

Each strata insurer develops and offers a unique insurance product in accordance with its underwriting appetite. Some common factors contributing to the premium include:

  • Government taxes on insurance (stamp duty and GST)
  • The age and condition of the building
  • The replacement cost of the building
  • The risk profile of the location
  • The claims history of the strata complex
  • Commercial activities carried out on the premises, such as holiday letting
  • The extent of common property, for example car parks, stairwells, fire protection systems, lifts and pools.

Typical cover under a specialist Strata Insurance Policy

  • Building Cover
  • Common contents insurance
  • Fidelity – misappropriation of funds
  • Equipment Breakdown
  • Office Bearers insurance
  • Public Liability
  • Government and audit costs, legal expenses
  • Voluntary Workers insurance

Downloads & useful links