Body Corporate Department Wrap Up for 2023
Posted by apm on December 12, 2023 Body Corporate, Company News, News
Steven Garland, Body Corporate General Manager wraps up the year that’s been for the department discussing insurance claims, flooding, Unit Title Act changes, and incoming changes for 2024.
2023 has been a challenging year all round. We got off on the back foot with the Auckland Anniversary Floods quickly followed by Cyclone Gabrielle in February. The insurance industry was overwhelmed with the quantity of claims. Assessors and Loss adjustors were flown in from other countries to work through the backlog and when they left, another lot were flown in soon after. On some properties we experienced at least three loss adjustor changes which made claims a nightmare to administer. We managed 35 individual building damage claims including landslips, flooding and coastal erosion cases.
We are still processing loss of rents claims today and administering multi-unit claims approximately 10 months later.
In May we had the first of several legislative changes to The Unit Titles Act with more to follow next year. The main challenge was adjusting to the more rigorous Disclosure requirements plus adjusting to individual banking accounts from our previous centralised trust account.
Next May the final changes will come into effect with a key focus being the distribution of individual service agreements to each client to ensure compliance with the new Act.
Also, next year we hope to launch a new software program tailored to assist our committees with better compliance management.
So, we say farewell to a challenging 12 months and look forward to a more settled 2024. Thank you for your business this year and we wish you and your family a happy Christmas and prosperous New Year.
General Manager – Body Corporate