If you’re a resident unit manager (RUM) of a property, chances are that you are exposed to a unique set of risks that an insurance policy may be able to assist in managing. The policy should offer coverage for risks typically faced by professionals in your industry.
The three risks resident unit managers are likely to face include the risk of damage or injury to a third party in a common area, the risk of allegations that you did not correctly fulfil your professional services role resulting in a financial loss for a third party, and risks of third-party property damage like fire, water damage or glass breakage as a result of your actions
That’s why we’ve worked on a new and improved product for RUM’s, to address the most common risks in your industry. Here are some new key product improvements:
Recoding and Rekeying of Buildings – Coverage available, up to $50,000 for the replacement of keys, access passes or master codes, if destroyed, damaged, lost or mislaid and cannot be found after a thorough search, or reasonably believed to be unduly copied, for the listed buildings.
Run Off Cover – Even after your business is sold, merged, consolidated, acquired or ceases to exist, you can still be subject to claims, for previous professional wrong-doing, while your business was operating.
Run-off cover can extend your insurance policy for up to 7 years, provided insurance cover has existed for 12 months and the insurer is notified within 90 days, before the expiry. 1
Statutory Liability Cover – Statutory Liability can pay fines and penalties awarded against the business for allegations of wrongful breaches of legislation, as permitted by law.
Employment Practices Liability cover – Covers you for claims made against you, by employees, former employees or prospective employees for any covered employment practice wrongful act, such as unlawful discrimination or wrongful termination, for up to $250,000.
Fidelity cover – Provides protection to you for loss of money held by you, which is the subject of any dishonest or fraudulent act or omission, up to $10,000.
Flexible PI & PL Limits – Limits can be tailored to suit your needs and budget.
As an added bonus, for a limited time only, new Aon customers can get 15 months of cover for the price of 12 on all new Residential Unit Manager insurance policies placed through Aon before 31 August 2022. *
When it comes to insurance for RUMs, there are a few options available to you, and deciding which ones you need might not be easy. Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage. Our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why. Helping give you confidence that you’re making a better decision for you and your business.
To find out more, request a quote or arrange a complimentary 1-1 consultation with an Aon advisor, fill out the contact form and get in touch today.
© 2022 Aon Risk Services Australia Limited ABN 17 000 434 720 | AFSL 241141 (Aon)
1Subject to full terms, conditions and limits of the policy. Please review the full policy wording for more information.
* This offer is only available to new customers who take out a Residential Unit Manager’s Insurance policy before 31 August 2022, subject to certain eligibility criteria, and in respect of the Residential Unit Manager’s Insurance policy offered by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance as the insurer. Offer ends 31 August 2022.
Resident Unit Manager’s Insurance is arranged by Aon under a binder agreement on behalf of Insurance Australia Limited (ABN 11 000 016 722) trading as CGU Insurance (CGU). When acting under a binder we will be acting as agent of the insurer and not as your agent. Our binder arrangements with the insurer are such that we remain your agent in the handling of any claim. If you purchase this insurance, Aon will receive a commission that is a percentage of the premium. Further information can be found in our FSG or provided upon request.
The information contained in this document is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider the relevant Product Disclosure Statement (if applicable) and full policy terms and conditions available from Aon on request. All representations in this document in relation to the insurance products we arrange are subject to the full terms and conditions of the relevant policy. Please contact us if you have any queries.