Strata conference set

There are many challenges that strata owners face in the Cayman Islands that are made even more complicated due to outdated legislation or strata by-laws.

Hurricane Ivan exposed many of these complications, forcing strata owners to confront an array of insurance issues including insurance coverage, the claims process, rebuilding, improving and repairing their properties.

It also exposed many other areas of insuring strata that need attention regardless of hurricane activity.

To address current strata issues including insurance in the Cayman Islands, Appleby, BCQS, Butterfield Bank (Cayman) Limited and Island Heritage Insurance Company Limited are hosting a one-day conference on 19 April7 for all involved with strata.

Following Hurricane Ivan, issues emerged concerning the parameters of the strata, owner and tenant’s responsibility.

For example, should the owner or the tenant have insured personal property?

What is covered under content insurance, and what are included as fixtures and fittings for insurance purposes?

With common property, the boundaries of responsibility are often unclear.

Other common questions that arise include:

What is the basic insurance coverage that a strata requires?

What is required to comply with the law?

What are the various responsibilities of owners, committee members and renters?

What is the best type of insurance for you as an owner or as a strata?

How do you insure to the correct value?

How do you ensure your claim is well handled and what happens if it is not?

What about liability issues if my dog bites a fellow strata owner, and dogs are not allowed on the premises by order of the by-laws?

What happens if I injure myself around the pool?

Some stratas in Cayman are predominately owned by people living on the Island.

Other stratas are mainly owned by overseas residents. Does this affect the insurance if they live locally or abroad, and are there any special requirements?

There are many issues to address in regards to insuring strata, and ultimately protecting the individuals, properties or businesses involved.

Valuations are important to ensure correct coverage of the strata property for their full replacement value, and to ensure that the property is not underinsured after the loss adjustment process. Stratas are charged with insuring the strata buildings for their full replacement value, and the funds paid out and received must be used to rebuild the buildings. This ensures the protection of the strata, and ultimately, the Islands’ physical assets. Issues of valuation and correctly insuring stratas will be discussed at the Strata..gise conference.

Not all insurance companies sell the same policy. There is an onus on both parties to fully understand the policy and the coverage afforded. With new Codes of Conduct for the insurance industry in place since Hurricane Ivan, the insurers are obliged to explain the insurance policy to the purchaser. There are rights and obligations on both sides that strata owners and executive committees should know about.

We all value our homes and property from the modest to the very expensive. During the conference we will seek to provide answers to insurance questions, and provide a forum for owners, managers, and committee members to canvass important insurance issues pertaining to strata corporations.


The Strata..gise conference will be held Thursday, 19 April, from 8.30am to 5pm at the Grand Cayman Marriott Beach Resort. All attendees are invited to a cocktail reception following the conference from 5pm – 7pm. The cost of attendance is US$150 per person for tickets purchased on or before 11 April and US$180 thereafter. This includes entrance to all sessions, a conference resource pack, attendance at the cocktail reception, as well as breakfast, lunch and refreshments. For a registration form and full agenda, email Sophie Roe at [email protected], or call 814 2089.

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