In-Suite Insurance - Owner's Obligation
As the Insurance Brokers for your Condominium Corporation, we, at Paisley-Manor Insurance Brokers, feel it is important to make you aware of the insurance issues regarding both the Corporation's Insurance and your requirements and obligations regarding insuring your property.
The Condominium Corporation is responsible for insuring the following:
- Personal Properly of the Corporation, but excluding the Personal Property of the Unit Owners
- The Units (as per Definition in Corporation's By-laws), and as defined from an insurance standpoint, excluding any improvements made or acquired by the Unit Owners.
- Liability against the Legal Liability imposed by law, as the result of Bodily Injury and Property Damage, arising out of the corporation's activities as a Condominium. This coverage is extended to provide coverage on behalf of the Individual Unit Owners but only with respect to their interests in the common elements of the Condominium.
- Boiler and Machinery coverage for objects owned by the Condominium Corporation.
- Additional Coverages and extensions that are available in a comprehensive Policy
Your Insurance Responsibilities as a Unit Owner are as follows:
- Your Personal Property— i.e., furniture, clothing, etc.)
- Any improvements and/or betterments made to the unit (as per the By-Laws).
- Personal effects stored in lockers.
- Additional Living Expenses should there be a loss and your unit is uninhabitable.
- Personal Liability — Your Legal Liability arising out of your personal activities as a Unit Owner and the ownership of your Individual Unit
In addition, Unit Owners should be aware of the following!
- You may be responsible for the deductible under the Corporation's Insurance Policy ([a loss occurs to any properly the corporation is responsible for insuring. This charge back of the corporation's deductible would apply ([the damage were a result of an act or omission on the part of the Unit Owner. (Corporation's By-Law No. 5)
- If an insurance loss assessment is valid under the Condominium Corporation governing rules, you could be responsible for share of this special assessment — this could be quite substantial
- If you rent the unit to others, you could be responsible in the event of a claim. If this case, you should make sure that your tenant has purchased insurance.
There are specially designed Condominium Owners Policies that should be purchased to protect your exposures and we urge you to obtain such coverages. Failure to maintain adequate Condominium Unit Owners Insurance could result in severe financial hardship should a serious loss occur!
We, as the Insurance Broker for your Condominium Corporation, have made special arrangements with one of Canada's largest Insurer, ING, to provide a special “Comprehensive Condominium Policy” for your requirements. These broad and extensive coverages are very competitively priced and will respond to many claims not covered under some insurance policies available today. If you would like a no-obligation quotation, please contact our office at 416.380.2256 and our representative will obtain the required information to provide a quotation and give you a more extensive overview of the Policy.
Paisley-Manor Insurance Brokers Inc. • KCA Insurance Brokers Ltd.
1446 Don Mills Road, Suite 110,
350 Highway #7 East, PH 6,
Richmond Hill, Ontario