Your Property Manager is there to help, however there is a lot of additional information and education that you should be aware of.

If you are not already a member of the Canadian Condominium Institute (CCI), you should join. CCI offers education seminars, as well as seminars on how to deal with various situations that may arise at your Corporation. The information they provide is informative and interesting.

Directors & Officers coverage insures the Board of Directors for Wrongful Acts.

‘Wrongful Act’ is defined as an act, error, or omission that takes place within the course of performing their duties.

Premiums will increase annually as insurers automatically increase the replacement cost of the building. This is done to keep up with the cost to replace the building due to inflation.

Lately, premiums have also increased as water losses have been substantial. Think of insurance as a pool where all the Condominium Corporations put in premium and those that have losses take the premium out to pay those losses.

If the losses are higher than anticipated, more premium is required to pay the losses. The additional premium is spread out amongst all, rather than just the few that had losses.

If a loss emanated from your condo unit, your personal home and property insurer will be responsible for your contents and any improvements or betterments done to your unit.

The Corporations insurance will be responsible for damage to the standard unit – which is basically the unit as originally built, without any upgrades.

It is very important to know that you must insure improvements and betterments done to your condo unit, even if you did not do them.

If a standard unit did not have a finished basement and the owner prior to you finished the basement, you need to insure that improvement.

First, you should try to prevent a further loss, providing it can be done safely. For example, know how to shut your water off!

Next call someone on your Board. If you cannot reach someone on your Board call your Property Manager, who is experienced in how to proceed.

If there is damage to your personal property, call your personal home and property insurance broker or insurance company.

Check with your broker to clarify.

Most policies for Condominium Unit Owners has a provision for this, in which case your insurer will pay the Corporations deductible if you are deemed responsible. Make sure the deductible your insurer will pay is adequate.