We’ve highlighted the role the National Insurance Brokers of Association plays in the strata insurance landscape in the Daily Post A Little Bit about the National Insurance Brokers Association.
So, because of the frequent dealings that strata buildings have with insurance brokers, the @NIBA Code of Practice is important to the 2024 Strata Insurance Crisis as it binds all NIBA members.
The Code covers 12 main areas as follows:
Section 1.0: What is the Code
Section 2.0: How does the Code work
Section 3.0: Code subscriber commitment
Section 4.0: Engaging your broker
Section 5.0: Performing services
Section 6.0: Disclosing earnings
Section 7.0: Making claims and renewals
Section 8.0: Employees, agents and representatives
Section 9.0: When things go wrong
Section 10.0: Vulnerable clients
Section 11.0: Enforcement
Section 12.0: Commitment to the Code
So it looks like sections 6.0 and 8.0 are the most interesting for strata buildings and other stakeholders and I recommend reading those parts, at least.
You can read the @NIBA Code of Practice here.
And, there are some FAQ’s here too.