371. Insurance commissions need to stop: your professionalism depends on it.
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By popular demand, I’ve brought last week’s Friday LIVE chat with strata lawyer Michael Kleinschmidt to the podcast.
This is an edited version of the longer video discussion (you can find that here). Michael busts some entrenched myths about strata insurance commissions and broker fees, and explains why the future of strata management as a “profession” depends on whether or not managers are prepared to dramatically change the way they charge for their services.
Links mentioned:
- Get the transcript here!
- LookUpStrata Website
- Budgen Allen Graham Lawyers Website
- Podcast Episode 370. Affordability, availability and competition in strata insurance – with John Trowbridge
- Podcast Episode 138. The shocking truth about broker commissions and fees
- Your Strata Property Facebook page
- Podcast Episode 219. Unpacking QLD’s new COVID legislation for body corporates
- National: Strata Managers as Fiduciaries, or ‘Wow, I didn’t know that…’ | LookUpStrata Webinar
- National: Strata Insurance Commissions. Where do you stand? | LookUpStrata Webinar
Thank you – engaging and thoughtful as always. There are insurers who do not deal with brokers and we’ve found their premiums are substantially lower due to no commissions being paid.
These practices have grown up and government is dependent on strata to achieve its housing and density targets. It has put strata management industry in a powerful position as a ‘gatekeeper’. It is totally unacceptable for the ‘regulator’ to be complicit in this enclosure of strata owners in commercial conflicted web of relationships. It is institutionalised within the government agency which has not been called ‘consumer protection’ for decades. If government wants support for strata housing it must do its job to serve the public interest and consumers … and why does the NSW Law Society permit law firms to sit on the SCA Board?
Please advise how many words I can use. Thank you
Hi Roy, post your comment here and it will be queued for moderation. Once approved, you will see it here on the site. If there is a word limit, I am not aware of it.