Insurance
Webinar: Deep dive on condo insurance PART 2 (Wed. March 6 @ 5pm)
This webinar is the second of our series on condo insurance. In this episode discuss the pros and cons of Standard Unit by-laws and Insurance Deductible by-laws. We also opened the floor to questions from our viewers. You can watch a recording of this episode. CPE Credits: This activity has been approved for 1.0 CPE […]
Condo liens, oppression, insurance deductible and other firefighting lessons
Sadly, this case started with eggs being inadvertently forgotten on a stove and ended with an owner losing his home when he refused to pay the deductible amount being charged back to his unit. In this blog, we discuss the validity of condo liens and the deference that will be granted to condo corporations who […]
Webinar: Deep Dive on Condo Insurance (April 7 @5pm)
The single most complicated issue in condo land: Condo Insurance. Survey If you have not done so already, consider taking our survey on condo insurance. This will help us get an accurate picture of insurance challenges in CondoLand. Probably best to have this answered by the director with most knowledge on your insurance file. Have […]
CondoVirus Webinar: Facing Condo Insurance Challenges (June 24 )
Episode 15: Insurance in Condos This week, in the last episode of the season, we thought we’d tackle condo insurance. Specifically we will tackle the following: Condo Insurance Challenges What affects the premium and the deductible How to keep both low Changes in the insurance industry affecting condos Adopting a Standard Unit by-law The purpose […]
Are we Facing a Condo Insurance Crisis?
Many are sounding the alarm, claiming that the condo industry is facing an insurance crisis. We will explore this over the next few posts. In the meantime, to help us better understand the state of insurance in the condo world, we encourage our readers to take our survey on condo insurance. [This survey is easier to […]
Condos Have More Time Before Changes to Insurance Regime
Much ink has been spilled in the last few months over the upcoming changes to the insurance regime applicable to condominiums. In particular, a lot has been written about existing Insurance deductible by-laws and any looming deadline to re-arrange your corporation’s affairs on this front. Well, we may all have more time to breathe… Help us […]
Major Changes to Condo Insurance and Repair Obligations
The province of Ontario is in the process of adopting sweeping changes to the Condominium Act. In this post we discuss how the new provisions will drastically change who is responsible to repair (and therefore who is responsible to insure) condominium units. Corporations should consider acting quickly to put in place various protections which may no […]
The First Year in the Life of a Condominium Corporation
The first year of a condominium corporation is a big one. In addition to dealing with ongoing construction work, construction deficiencies and perhaps budgetary issues, the board of directors has to take important decisions in terms of management of the building and has to set the tone with the owners and residents. Depending on how the developer/declarant […]
Is the Insurance Industry Turning Its Back on Condominiums?
According to a recent article in the Globe and Mail, shoddy construction, rising claims for water damage and inadequate regulation is leading insurance companies to refuse to insure condominium corporations. In the meantime, premiums and deductibles are skyrocketing. Not just in Vancouver: in Toronto and in Ottawa too. Worse, in some cases, condominium corporations are […]
Who Is Responsible to Repair and Pay for Flood Damage in a Condominium Unit?
There is a great deal of confusion surrounding who is responsible to repair a condominium unit after damage. Naturally, many elements have to be considered such as whether the incident is an insurable one; whether the occupants are at fault; whether the damage is limited to one unit, to the common elements or whether many […]