Managing Hazardous Storage in Common Areas in Strata Properties

Body Corporate Committees, often navigate complex scenarios, one of which involves the storage of potentially dangerous items within common property. Tyrone Shandiman from Strata Insurance Solutions, sheds light on this critical issue.

The Challenge of Hazardous Storage 

It's not uncommon for lot owners to store items that could be deemed hazardous, such as petrol or chemicals, in shared spaces like storage cages. This practice raises significant concerns about safety and liability, especially within the context of strata living. 

Insurance Implications and Risk Management 

Interestingly, strata insurance policies typically do not have explicit exclusions or conditions relating to the storage of hazardous items. This lack of specificity places a greater emphasis on risk management, which falls under the scope of the Owners Corporation and Body Corporate. These entities play a crucial role in ensuring that such storage practices do not elevate the risk of damage or pose safety hazards. 

However, it's crucial to understand the implications of inadequate risk management. Should an incident occur, the history of claims can reflect poorly on the community, potentially leading to penalties, increased excesses, or more stringent insurance terms in the future. 

The Role of the Owners Corporation and Body Corporate 

The responsibility of the Owners Corporation and Body Corporate extends beyond mere compliance. They must actively engage in practices that ensure the safety and well-being of all residents. This might include conducting regular audits, establishing clear guidelines for storage, and even liaising with local councils if certain storage practices are believed to contravene local regulations. 

Strata Insurance Solutions: Your Partner in Risk Management 

At Strata Insurance Solutions, the focus is on empowering strata communities with the knowledge and tools needed to navigate these challenges. As Tyrone Shandiman, a spokesperson for the company, suggests, staying informed and proactive is key. Following platforms like LinkedIn and YouTube where Strata Insurance Solutions shares valuable insights can be incredibly beneficial. 

Conclusion 

In conclusion, the management of hazardous goods in strata properties is a multifaceted issue that requires careful consideration and proactive management by key stakeholders. The Body Corporate plays a critical role managing and ensuring such storage practises do not elevate the risk of damage or pose safety hazards.  It is important to undertake proactive risk management to prevent adverse impacts on insurance renewals and to maintain a safe living environment.   

This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisernet Australia AFSL No 240549, ABN 15 003 886 687.