SCA (NSW) has released two new Best Practice Guides covering important areas of governance, compliance and risk management for NSW strata schemes.
The Strata Plan Insurance Quotations and Annual Fire Safety Statements guides provide practical guidance to help strata professionals, Owners Corporations and committees better understand their responsibilities and support consistent, informed decision-making.
Both guides are available free to SCA (NSW) members through the Member Portal – https://scansw.com.au/my-account
Strata Plan Insurance Quotations
Insurance is one of the most important financial and risk management considerations for a strata scheme.
The Strata Plan Insurance Quotations Best Practice Guide provides practical guidance on the legislative requirements, governance considerations and record-keeping expectations associated with obtaining insurance quotations for strata schemes.
The guide also considers the practical challenges that can arise when obtaining insurance quotations, including situations where three quotations cannot be obtained.
It covers:
- Legislative requirements
- What to do when three quotations cannot be obtained
- Governance and compliance considerations
- Practical compliance considerations
- Record-keeping expectations
- Sample AGM motions
The guide should be read in conjunction with the SCA National Insurance Disclosure Guide, which provides further guidance on insurance remuneration and disclosure obligations.
Together, these resources help support a more consistent approach to insurance quotation processes, governance and transparency.
Annual Fire Safety Statements
Effective fire safety management is a critical responsibility for strata schemes.
The Annual Fire Safety Statements Best Practice Guide provides practical guidance on managing Annual Fire Safety Statements, fire safety schedules and associated compliance obligations for NSW strata schemes.
The guide outlines the responsibilities of key stakeholders and provides practical information to support ongoing compliance and effective fire safety management.
It covers:
- The legislative and guidance framework
- Key terms
- Roles and responsibilities
- The fire safety compliance process
- Common risks and poor practices
- Liability and risk management
- Additional best practice considerations
- Suggested AGM motion
- Additional resources
The guide also includes an Annual Fire Safety Statement Compliance Checklist, providing a practical resource to help support consistent processes and record-keeping.
Supporting better practice
Insurance and fire safety are both critical areas of strata management where clear processes, good governance and appropriate record-keeping can help reduce risk and support better outcomes for Owners Corporations and residents.
These new Best Practice Guides are designed to provide practical guidance and resources that can be used by strata professionals, Owners Corporations and committees in their day-to-day work.
SCA (NSW) thanks the committee members and industry professionals who contributed their time, knowledge and expertise to developing these resources.
Both guides are available free to SCA (NSW) members via the Member Portal – https://scansw.com.au/my-account
