Wallace McLean Ltd, Risk Advisers & Insurance Brokers
Wallace McLean has specialised in arranging insurance for Bodies Corporate for nearly 20 years. We act as insurance brokers for well over 500 separate Bodies Corporate, arranging both their property and liability insurances.
Bodies Corporate insurance is different to most other insurance is because it has specific insurance requirements under the Unit Titles Act. The Act requires all Body Corporate buildings to be insured to their Full Insurable Value.
Bodies Corporate present challenges to standard insurance policies as their insurance is required to cover the current property of the building and other assets, as well as individual proprietor's property, seamlessly.
We have also developed the knowledge to comply with the often-conflicting challenges presented by the Government agencies FENZ and EQC, in the correct calculation of the levy charges, thus avoiding financial penalties for undercharging these levies,
Wallace McLean enjoys excellent relationships with all of New Zealand's reputable insurance companies. We are able to obtain insurance quotes from all the New Zealand and overseas insurers who underwrite Bodies Corporate insurance. We are constantly looking for new insurance markets as a way of providing bodies corporate with more competitive insurance covers.
We are also looking to negotiate with insurers policies which provide Bodies Corporate with wider and more appropriate insurance cover. As an example, we recently developed with one substantial insurer, an Office Bearers Liability policy exclusive to Wallace McLean, which provides much better cover with policy extensions usually excluded by other insurers.
Insurance is and will continue to be a major cost to Bodies Corporate. Wallace McLean has presented, in the past, to the Auckland BCCG membership outlining insurance challenges we face in arranging competitive BC insurances.
We would like to be a partner with the BCCG to continue to help them to explain the insurance challenges to the members and in turn, to work with the BCCG to develop improved insurance and risk solutions to your members.