New policy protects condo owners

Condominium owners can find protection against gaps in typical condo coverage with Chubb Insurance Company of Canada’s new insurance policy.
Most condo owners are unaware of expenses they are accountable for as a result of limitations in their building corporation’s master insurance policy. Chubb’s ‘Masterpiece Condominium’ policy addresses these limitations by offering protection in a number of areas where the financial onus would otherwise be on condo owners.
These areas include:
* Additions & Alterations (A&A) where the protection is equivalent to 50% of the owner’s personal property coverage for upgrades, additions or enhancements made to a condominium unit.
* Unit Assessments where owners are reimbursed for their portion of reparation costs and/or the master policy deductible to repair damage to a common area, such as a pipe bursting in a condo lobby or gym. Chubb reimburses up to $10,000 for the master policy deductible, and up to 250% of the owner’s personal property limit for damage not covered by the master policy.
Paul Morrissette, senior vice president of personal insurance at Chubb says the “condominium lifestyle” is booming in Toronto, Vancouver, Montral and Calgary.
“It’s also important that they (condo owners) understand the added risks of ownership, particularly for luxury condos,” Morrissette says. “Masterpiece Condominium marries the convenience of condos with the extensive protection customers have come to expect from Chubb.”
Masterpiece Condominium also features extensive coverage for business property, additional living expenses, landscaping and valuables such as jewelry, furs and collectibles.