Keyword
Condo Insurance
Will insurance cover deductible when toilet overflows?
August 21, 2023 Philip PoradoA strata apartment owner is entitled to collect a deductible from the owner of the unit above his own, following a toilet overflow that caused substantial damages to his apartment, British Columbia’s Civil Resolution Tribunal (CRT) has determined. In Meier…
Navacord acquires condo insurance provider
August 16, 2023 by Jason ContantNavacord Corp. has announced the acquisition of Condominium Insurance Solutions (CIS), provider of one of the largest condo insurance programs in Ontario. Based in Markham, Ont., CIS’s offerings are tailored to meet the needs of the Condominium Act of Ontario…
Vacancy permit doesn’t require daily attendance for eight months during repairs
June 10, 2022 by David GambrillBelair does not have to pay a condo claimant more than $1,500 in daily mileage costs accrued over almost eight months, during which time flood damage in the insured’s unit was being repaired. Belair Insurance Company insured a condominium owned…
Behind the hard-hit condo insurance market in B.C. and Alberta
January 20, 2022 by Jason ContantWood frame construction for stratas, increased building material costs, and earthquake exposure in British Columbia contributed to the skyrocketing condo insurance premiums that hard market sector saw over the past few years, an Aon executive says. “There’s a lot more…
Signs for optimism in the condo insurance market?
January 18, 2022 by Jason ContantCondo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and…
Are your condo clients covered for ‘special assessment’ costs?
June 2, 2021 by David GambrillIn an age when a condo corporation’s insurance may not provide enough coverage for an insured loss, brokers can help their clients by advising condo unit owners about the merits of special assessment insurance, one lawyer suggests. “It is important…
Insurance regulators expand scope of inquiry into Best Terms Pricing
December 2, 2020 by David GambrillCanada’s national association of provincial property and casualty insurance regulators is looking into “Best Terms Pricing” in all commercial lines following recent regulatory actions to ban the practice in the strata insurance line in B.C. and Alberta. The Canadian Council…
For insurance purposes, if it’s not managed as a strata, it’s still a strata: Tribunal
November 19, 2020 by David GambrillThe owner of a strata lot in a duplex that was not managed as a strata — for example, there was no strata board of directors, annual board meetings, etc. – must nevertheless pay for her half of the strata…
One essential thing required for condo premium relief
November 10, 2020 by Adam MalikClients don’t always know the process when they have to report a condo insurance claim, and a number of property and casualty insurance professionals believe education of condo managers and boards is key to turning around the hard market in…
Culture change needed to mitigate condo losses: Aviva exec
November 6, 2020 by Adam MalikAs capacity for condo insurance shrinks and premiums continue to mount, property managers and condo boards will find greater success with underwriters if they can show they are embedding responsibility for risk management and mitigating losses into their corporate culture,…
Sedgwick exec’s Top 4 reasons why condo claim severity is through the roof
October 30, 2020 by David GambrillAs Canadians carry on their love affair with condos, the number of units being built — and the rapid pace of their construction — have indirectly contributed to the severity of condo insurers’ claims costs, says a senior P&C insurance…
What brokers are looking at to help condo corporations reduce deductibles
October 29, 2020 by David GambrillBrokers working in the condo insurance class of business are looking at creative ways to help their condo corporation clients shoulder the burden of much higher deductibles — including preliminary discussions around the option of “buy-down” deductibles. “As a broker,…