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Thread: Body Corporate?

  1. #11
    Join Date
    Jan 2010
    Location
    Hibiscus Coast
    Posts
    1,805

    Default

    I am sure Govt passed legislation requiring a block of units to all have the same insurer, post earthquake. I know when we were down in ChCh in a block of 4 units one was insured with AMI, one with Tower, one with State and one with no insurance. State might have decided their client was entitled to a rebuild, AMI's to a repair and Towers to a repair. With party walls it became impossible to come to an agreement so eventually, I know that Tower was one company that took on the job of organising the repair/rebuild and dealing with all the other insurance companies and owners. It was a lesson learned for Gerry going forward.

  2. #12

    Default

    Thanks guys, after doing some more digging, found out these are not titled as units, these are cross lease flats hence no body corp. Thanks all for your help.

  3. #13
    Join Date
    Apr 2016
    Posts
    2,343

    Default

    You don't have to have a body corp, or didn't have to anyway. When we unit titled a block of flats there was no legal requirement.

  4. #14
    Join Date
    Oct 2014
    Location
    Auckland
    Posts
    96

    Default

    If you need assistance sorting your BC out, bodycorpservices.co.nz offer a one-off consulting service after which you can run things yourself. We did that here in my block. We save a lot in insurance now as we have a proper BC insurance plan which is much cheaper that the individual home policies that were in place before, also we get one valuation done for the entire block so that we know we are covered for the right amount. Before each owner was proving their own and they varied wildly.


 

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