Flex Introduces 'Flex Complex' for Challenging Strata Risks

Backed by Lloyd's capacity, 'Flex Complex' is tailored for residential, commercial, and mixed-use buildings with a sum insured of up to $25 million. The product is accessible through select brokers and is intended for properties that meet specific eligibility and disclosure requirements.

Buildings that stand to benefit from this offering include those with high-risk occupancies such as tattoo parlours or adult entertainment venues, properties with cladding issues or structural defects, and those located in alpine regions. These factors often make it difficult for such properties to secure adequate insurance coverage.

Frank Scamarcia, General Manager of Flex, highlighted the challenges faced by many buildings across Australia in obtaining insurance due to unique circumstances or locations. He emphasized that 'Flex Complex' offers essential insurance protection for these buildings, ensuring they can meet mandatory strata insurance requirements.

As Flex marks its sixth anniversary, the launch of 'Flex Complex' underscores the agency's commitment to addressing the evolving needs of the strata insurance market. By providing solutions for hard-to-place risks, Flex aims to support property owners and strata communities in maintaining comprehensive insurance coverage.