What you need to know
Body corporate insurance is one of the most misunderstood and underinsured classes in New Zealand. Standard commercial property wordings are not designed for the complex ownership structures and shared interests that exist in unit title developments. Stainton & Co. has access to specialist body corporate wordings that provide comprehensive cover that goes above and beyond what many competitors are able to offer.
The body corporate committee carries a significant responsibility to ensure that the insurance it arranges properly protects all unit owners. Getting this wrong whether through inadequate sum insured, incorrect policy wording, or gaps in liability cover can have serious consequences for every owner in the development.
What we help with
A comprehensive body corporate insurance programme, structured to protect unit title buildings, common property, and owners committees against material damage, liability, and loss of rent — ensuring your shared investment remains secure and your obligations to unit owners are properly met when it matters most.
What's generally covered
Material Damage (Specialist Wording)
Access to specialist body corporate policy wordings that provide broader cover than standard commercial property policies. Covers the building, common property, and fixtures and fittings as required under the Unit Titles Act.
Earthquake and Natural Disaster
New Zealand's seismic risk means earthquake cover is critical. We review EQC interfaces and ensure the policy responds appropriately to natural disaster events, including the complexities that arise with multi-unit developments.
Body Corporate Liability (Office Bearers)
Covers legal liability arising from the body corporate's ownership and management of common areas. Essential cover for any committee.
Machinery Breakdown
Covers lifts, air conditioning plant, and other shared mechanical and electrical equipment within the development.
Loss of Rents & Alternative Accommodation
Covers loss of rental income where units cannot be tenanted following damage to the building. For owner-occupied units, cover can extend to alternative accommodation costs while the unit is being repaired and the owner is unable to occupy their property.
Natural Disaster Excess Buy-Down
Body corporate policies sometimes carry a significant natural disaster excess particularly for earthquake. An excess buy-down reduces that excess to a more manageable level, which can be important for unit owners who would otherwise face a large out-of-pocket contribution in the event of a major event.
Body corporate insurance requirements vary by development. Sum insured adequacy is a critical issue we recommend a professional valuation is obtained and reviewed regularly.