Almost all condominium insurance policies contain a “faulty work” exclusion. That is, condominium insurance policies typically do not cover costs incurred to rectify faulty or improper material, workmanship or design. But a recent decision of the Alberta Court of Appeal provides a helpful reminder that consequential damage (resulting from faulty or improper material, workmanship of design) may still be covered.
As mentioned in a recent blog, we are seeing rising insurance premiums and deductibles for many condominium corporations. What does this mean for your status certificates? Continue reading “Insurance Premiums, Deductibles and Status Certificates”
Ontario condominium corporations are obligated to arrange insurance (against certain perils noted in Section 99 of the Condominium Act, 1998 – the Act) covering the common elements and the standard units. Continue reading “Deductibles on the Corporation’s Insurance – a Primer”
I think it’s fair to say that condominium insurance (insurance obtained by condominium corporations) is currently in crisis. Insurers have been dropping out of the market. Premiums are dramatically increasing. Deductibles are dramatically increasing. And some condominium corporations are even having trouble obtaining insurance. [There are condominiums in Ontario and BC that are simply not able to get insurance. At least one condominium has an annual premium of $1,000,000! At least one condominium has a $1,000,000.00 deductible!]
Is there an answer? Continue reading “The Crisis in Condominium Insurance”
In most Ontario condominiums, the owners are obligated to repair their units. [It’s important to check the Declaration to confirm this. But as I say, this is the case in most Ontario condominiums.] For purposes of the following example, I’ll assume that the owner is responsible to repair the unit. Continue reading “Insured Damage to a Unit – A Brief “Primer””