Insurance Coverage for Consequential Damage – A Reminder

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.

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The Crisis in Condominium Insurance

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”

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