We held a well attended town hall on insurance on July 29. I’m listing some significant points. Please see also the end of this post – Doug Brandy, Director
- The corporation’s insurance does not cover damage to any features beyond the standard unit (i.e. damage to “unit improvements”). You must ensure you have your own insurance that covers your personal possessions and any improvements that have been made to your unit. Owners can also be responsible (under the terms of By-law No. 7) for the portion of any insured loss falling within the deductible on the corporation’s insurance policy. [See examples noted below.] So, owners should also check to ensure that they have insurance coverage for the risk that the owner may be responsible for the portion of any loss within the deductible on the corporation’s policy. This is actually required under Bylaw #7, Article II (5).
- In the case of uninsured damage, the normal repair and maintenance responsibilities, set out in the Act and Declaration, apply. However, there may be basis for claim against any party who has caused the damage through an act or omission.
- Frobisher Place has two insurance by-laws that you may wish to consult: By-law No. 7, the insurance bylaw (respecting responsibility for the portion of any insured loss falling within the deductible on the corporation’s policy) and By-law No. 8, standard unit (respecting the standard unit descriptions) you may wish to consult.
Here are examples provided by James M. Davidson of when damage results from an insured event and who would be responsible to pay the deductible. We publish the examples with permission from James Davidson (Nelligan O’Brien Payne).