Body Corporate owners may be aware of the recent Treasury announcement of an investigation into the significant challenges insurance is placing on multiple unit complexes. This reality is evidenced in virtually every Body Corporate budget, where insurance growth in excess of 20%-30% per annum is not uncommon. The premium growth often linked to policy […]
The EQC have changes coming effective 1 October 2022. Key points below: EQC Cap currently $150,000 plus GST per unit rising to $300,000 plus GST per unit effective 1 October 2022. Premium increasing from $300 plus GST per unit to $480 plus GST per unit. Natural Hazards Insurance Bill will replace the Earthquake Commission Act […]
NBS is simply the assessment of the earthquake rating a property is expected to have when built to the current building code. NBS therefore changes to reflect code changes. NBS is calculated as part of a seismic assessment of how the building has been constructed. The percentage of NBS rating is not a measure […]
Owners may be aware the IRD has reviewed a large number of elements of the tax legislation. Included and focussed on a policy decision to encourage growth in NZ’s housing stock is the issue of purchasers of new builds being exempt from the removal of interest deductions on borrowings on residential investment properties. Following […]
Most owners will be aware an Act of Parliament governs construction contracts (commercial and residential) and imposes various obligations on both the contractor and the principal of the contract (i.e. the owner or Body Corporate). One of the key issues governed by the CCA is the process of making payments and the format of claims. In […]
Update: 30/03/2020 This page will be updated as the situation evolves. At Boutique Body Corporates Ltd (BBCL) our mission statement includes providing peace of mind for owners and investors. Now, more than ever, we want to reach out and let you know that we are here for you. We will be working with you and […]
Whilst Airbnb has created an economic opportunity for numerous residential owners, it has brought with it a number of challenges in Body Corporate administration. The conversion of many units from long term residential to short term letting brings with it some inevitable pressures on facilities and occupants which need to be managed to deliver equitable […]
Whether it is about personalities, poor legislation, or a combination of both, Bodies Corporate appear to generate a disproportionate amount of time and cost in litigation through our Court system. This includes the Tenancy Tribunal (up to $50,000), District Court, High Court and beyond to the Court of Appeal and Supreme Court. Increasingly, there are […]
The recent atrocities in Christchurch with the Mosque attack brought home to BBCL the need to consider the potential impact of terrorism on Body Corporates. Virtually every current Body Corporate policy has a terrorism exclusion from the material damage portion of the policy. If the Body Corporate has a concern regarding terrorism, whether for any […]
