Strata underwriting agency Flex has launched a product for buildings that struggle to secure cover because of complex risk factors.

It says Flex Complex, backed by Lloyd’s capacity, addresses a gap in the market.

Schemes experiencing insurance difficulties include those with high-risk occupancies such as tattoo parlours or adult entertainment. Properties with cladding issues or structural defects and those in alpine regions also face a battle to obtain cover.  

“Many buildings across Australia face challenges obtaining insurance due to unique circumstances or locations,” GM Frank Scamarcia said. 

“Flex Complex offers insurance protection for those buildings that would otherwise struggle to secure mandatory strata insurance.” 

The product is available through select brokers for residential, commercial and mixed-use buildings with a sum insured of up to $25 million that meet eligibility and disclosure requirements. 

Flex, which is marking its sixth anniversary, is part of Steadfast-owned CHU. 

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