Sorry for taking so long to correct the previous post about insurance. The total on-costs is not $41,584 as previously posted, but $35,374.

During the AGM voting process to vote on item 8, the renewal of our building insurance for $46,739, a slide was put up showing we actually do spend $82,113 on insurance, of which $46,739 is for Building Insurance and the other $35,374 is for Public Liability, Body Corporate assets and commissions.

The important point is that all up we do spend $82,113 on insurance, it’s just that you won’t find that figure mentioned in any of the papers put before Virtuoso owners.  And secondly, as can be seen on the slide, we paid $23,146 on insurance commissions, a figure which is not mentioned in the AGM papers.

The previous post included commission being paid to Verve Insurance (owned by Civium) but it has been clarified that no commission was paid to Verve.

Some may also find it interesting that Civium has declared that if we used a different insurance broker, Civium’s  $11,573 commission would not be paid but they would simply increase their management fee. One way or another, Civium will ensure that their remuneration will not change!

The slide has been added as an Addendum to the AGM minutes, so apart from on VXtra, you need to go to the Civium portal to see it or wait until it is distributed with the minutes ahead of next year’s AGM.