CHU Underwriting Agencies has added cyber to the list of standard covers in its residential strata product, providing up to $50,000 for a single loss.

The Steadfast-owned agency says the cover applies to losses from social engineering fraud – a form of cybercrime in which a third party impersonates a trusted contact to manipulate payment instructions.

The fraud an “increasingly common threat” to strata committee members and lot owners, according to CHU.

“This is about recognising how risk is evolving for strata communities,” head of underwriting Steve Tchepak said.

“Cyber threats are no longer abstract or confined to large organisations. They occur in everyday transactions such as invoices, levy notices and supplier communications.

“This enhancement reflects CHU’s ongoing commitment to strengthening strata communities. By anticipating emerging risks ... we continue to support brokers, strata managers and owners with solutions that evolve alongside the environment they operate in.”