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Insurance for aged buildings


04 Jan 2022

With approximately $1bn worth of insurance claims logged annually in Strata, the maintenance and repairs of aged buildings are becoming a significant issue for Owners Committees and Strata Managers across Australia. In the following article, we'll cover some common causes of losses in aged buildings, and actions owners can take to minimise the risk of loss. We'll also explain how gradual and hidden damage can impact claims. 

SAFETY FIRST: ELECTRICAL WIRING 

  • Wiring can deteriorate over time, particularly when exposed to moisture or used at higher loads. Watch for electronics mounted on wood, ceramic fuses, and poorly arranged wiring. High electrical demand may overload circuits, so be sure to test the safety and overload switches.
  •  To reduce the risk of electrical faults and fire, have your non-destructive testing carried out by a certified and licensed electrician. Comprehensive testing should include auditing of visual wiring, electrical circuit scanning, plus annual thermographic [infrared) scanning for loose connections, load imbalances, overloading, and hotspots.

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