Flex Introduces 'Flex Complex' for High-Risk Strata Properties

Flex Complex is backed by Lloyd's capacity, ensuring robust financial support and reliability. The product is tailored for residential, commercial, and mixed-use buildings with a sum insured of up to $25 million, provided they meet specific eligibility and disclosure requirements. This development is particularly beneficial for properties with high-risk occupancies, such as those housing tattoo parlours or adult entertainment venues, as well as buildings with cladding issues, structural defects, or those located in alpine regions.

Frank Scamarcia, General Manager of Flex, highlighted the challenges many buildings across Australia face 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.

The introduction of Flex Complex is a significant step towards addressing the insurance needs of high-risk strata properties. By providing a tailored solution, Flex is helping to ensure that all strata buildings, regardless of their unique challenges, have access to necessary insurance coverage.