Keyword
Strata
One knock-off effect of rising condo deductibles
February 16, 2021 by Greg MeckbachA large increase in deductibles on condo corporations’ insurance is starting to put pressure on individual condo owners’ premiums, a new report from LowestRates.ca shows. “When a deductible goes up – say from $20,000 a year to $100,000, or $200,000…
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…
Can a strata lot owner launch a subrogated water claim on behalf of its insurer?
November 11, 2020 by David GambrillWe’ve all heard about an insurer launching a subrogated claim on behalf of its insured, but how about an insured launching a subrogated claim on behalf of its insurer? B.C.’s Civil Resolution Tribunal, a type of small claims court, recently…
B.C. amends law in effort to address high condo and townhouse insurance premiums
September 16, 2020 The Canadian PressVICTORIA – The B.C. government has announced regulatory changes aimed at bringing more transparency to condo insurance premiums that have risen by as much as 40 per cent. The Finance Ministry says effective Nov. 1, insurers or insurance agents will…
What happened when this strata unit owner got sued over toilet supply leak
July 15, 2020 by Greg MeckbachA British Columbia strata owner is not liable for damage to the unit immediately below as a result of a burst toilet supply line, the province’s Civil Resolution Tribunal has ruled. The September 2018 plumbing mishap happened in a strata…
Who’s liable for what in this strata toilet failure
July 13, 2020 by Greg MeckbachA British Columbia strata unit owner who suffered water damage after a toilet tank ruptured is unable to recover the cost to replace the unit’s toilets from the strata corporation. In 2019, a Crane toilet storage tank failed in a…
Briefing Note: British Columbia
July 2, 2020 Canadian Underwriter StaffHeading into 2020, Chuck Byrne, executive director of the Insurance Brokers Association of British Columbia (IBABC), thought he’d be spending his time preparing local brokers for their public auto insurer’s adoption of a no-fault system in May 2021. Instead, he’s…
B.C. proposes ‘first step’ amendments to laws governing condo insurance
June 23, 2020 THE CANADIAN PRESSVICTORIA – The B.C. government says proposed legislation it has introduced takes first steps to address concerns about sky-high costs and availability of insurance for condominiums and other shared properties. Housing Minister Selina Robinson says the legislation proposes to amend…
Why a strata corporation is on the hook for restoration costs in individual unit
May 12, 2020 by Greg MeckbachA strata corporation that tried to charge a unit owner $1,260 in water damage restoration costs has lost its case before the British Columbia Civil Resolution Tribunal. In July 2019, an outdoor water tap failed, causing water to enter a…
What IBC and brokers think would improve condo insurance affordability in B.C.
March 2, 2020 by Jason ContantInsurance Bureau of Canada (IBC) has issued a series of policy recommendations to help improve the affordability of strata insurance in British Columbia, some of which touch upon suggestions made by the province’s broker association. IBC’s recommendations include: Mandatory education…
Brokers on what would help bring down skyrocketing condo insurance premiums
February 12, 2020 by Jason ContantInsurance should be mandatory for all condo unit owners in the condo corporation, an executive with the Insurance Brokers Association of B.C. (IBABC) told Canadian Underwriter Monday. “Strata/condo building managing councils should encourage their member unit owners to vote in…
Two ways to address rising condo insurance premiums
February 11, 2020 by Jason ContantOne broker association is calling for consultation among all key stakeholders to discuss owner liability in condo corporations, with a focus on proposed achievable legislative action. As condominium (strata) insurance premiums and deductibles continue to rise across the country, the…