REPORTS FOR 28.1.21

Induction Workshop 30 January

Venue:  Centre for Sustainability seminar room 103.0am-12.30 pm. Shared lunch at 12.30pm Toiora Agreement workshop

Attending:       Alison Wadworth

                        Kathy Lane

                        Margot Parkes + Win Parkes

                        Hector Wong

                        Tina Anderson +1

                        Lori Johnston

                        Ann Taylor

                        Sue Lewis

                        David Bainbridge-Zafar, DCC Group Manager Property Services

                        Sarah Warhurst, Harcourts property manager

Which units are available for rent/sale?

Meeting with Simon Milne re. Body Corporate rules, etc

Alex, Catherine, Donald and Anne met with Simon Milne on Wednesday afternoon.

The first priority was the body corporate rules. Following his advice on 22 Jan “I think the best option is to modify the existing set of draft rules,

” I had sent him Min’s ‘minimal’ rewrite on Sunday night. Apart from minor tweaks, the two main changes he suggested were the removal of the schedules (annual fees and long term maintenance plan) which will now be a separate document sitting alongside the body corp rules, and the removal of the section on Dispute Resolution and Mediation, because he said that was well set out in the membership agreement, and the right to go to the Tenancy Tribunal is required by the Act.

These draft rules have been sent to Stephen Edge, in the hope that he will have a chance to respond before our meeting.

A proposed minute for the meeting:

that we adopt the Toiora High Street Body Corporate rules (ToioraHS – v1.2-minimal)

Insurance

Still a work-in-progress, and most of the information received this week has been less helpful than we would like:

re. increasing excess - NZI have confirmed the following:

·         They cannot reduce the standard excess of $2500 any lower

·         We can increase the excess to $10,000 however not really worth the while as they are only prepared to offer a 10% discount on the existing structure which equates to a discount of about $150.

re.SIPs panels – (from Anthony)

“The Salvation Army has a big property portfolio so its new SIP-based units just come under its existing commercial policy. South Hornby School, likewise, would come under a Ministry of Ed-negotiated policy. I couldn’t track down the private school mentioned on the Formance website.
The Aussie broker said Chubb was insuring SIPs buildings over there but here it seems to confine itself to high-end dwellings. His most useful advice may be that we should emphasise our proximity to the Lookout Point Fire Station in our insurance negotiations.
On a positive note, the Sallies man said the occupants of the SIPs units love their comfort and energy efficiency. It’d be a shame if our power savings went straight to an insurer!”

re. banks holding mortgages over units  - these will be listed on the insurance as “Interested Parties.”

In addition once the final policy is issued and mortgagee’s drawn down, for those that have a mortgage,  each individual member will be required by their bank/solicitor to have a Certificate of currency issued in the entity who owns the unit.    It notes the policy, the mortgagee, sum insured, unit number and entity/person/trust who owns the unit - this is common practice.

This will be quite an undertaking administratively from our point potentially issuing 24 certificates so it is very important we get the correct information first to prevent having to retype the Certificates because names are not noted correctly - typically a certificate of insurance is requested from the client’s solicitor.

We will need to know:

·         Unit Number

·         Insured’s full name / joint names as it appears on the mortgage including middle names

o    If it is a Trust we need to know the Family Trust’s name and the full names of the Trustees of the trust

·         Full name of the bank who hold the mortgage