Insurance Issues

May, 13 2022 Published by Huronia Chapter

Lunch and Learn Webinar - The ABCDs of Insurance in Condos

Condos are required under section 99 of the Condo Act to obtain and maintain insurance for damage to the units and common elements caused by major perils or other perils specified in the Declaration or Bylaws, but are not required to obtain insurance for unit improvements. ...


 

Condos are required under section 99 of the Condo Act to obtain and maintain insurance for damage to the units and common elements caused by major perils or other perils specified in the Declaration or Bylaws, but are not required to obtain insurance for unit improvements.   Every condo has insurance as an expense line on their operating budget and in recent years  the cost of insurance has risen tremendously.  Insurance and issues related to insurance are fundamental topics of which a director and/or property manager must have a good understanding.  Join our panel of experts as we discuss the ABCDs of insurance in Condos.    Topics to be covered are:

A - Appraisals - Why you need them and what they are.
B - Bylaws -  Why you need a Standard Unit Bylaw and what it should cover.
C - Contracts - How to handle the issue of insurance in your contracts with 3rd parties.
D - Deductibles - When can you charge them back?

As an added bonus, find out about  the current and predicted market conditions for condo insurance and how to make your condo a more attractive to insurance companies.

Thank You to Our Sponsors:

  • Atrens Counsel
  • Common Ground Condo Law
  • Elia Associates
  • McLean & Dickey Insurance
  • Percel Professional Property Management

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