Strata Community Insurance (SCI) has introduced a product that claims a number of industry firsts, including terrorism cover for up to $100 million on properties where commercial use makes up less than half the mixed scheme.

Other ground-breaking drawcards in the new commercial strata offering include allowing owners to buy cover equivalent to the full market value, automatic reinstatement of office bearers’ limits and emergency accommodation.

“No other provider covers owners where the commercial activity is less than 50% of a commercial strata,” MD Paul Keating told insuranceNEWS.com.au in reference to the terrorism cover.

“We have worked with Allianz to cover the gap for those schemes where the commercial activity is less than 50%.”

Allianz underwrites cover sold by SCI under a 10-year strategic link-up forged in 2014, aimed at grabbing a slice of the burgeoning strata market in Australia.

SCI has been in operation for 18 months, and Mr Keating says the launch of the commercial strata policy “is another demonstration of understanding the genuine complexities of the strata sector”.