Condo corporation insurance? Unit insurance? Too many condo owners don’t know the difference
February 24, 2021 by David GambrillBrokers in Quebec have ample opportunity to educate their clients about how condo insurance works, according to the results of a recent survey commissioned by Insurance Bureau of Canada. One key source of confusion may sound familiar to brokers elsewhere…
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…
Court sides with condo insurers that used the wrong policy to deny a $4.4-million water damage claim
January 20, 2021 by David GambrillSix subscription policy insurers that denied coverage to a condo corporation in a $4.4-million water damage claim — a denial based on reference to the wrong policy — have had the matter tossed out of court. The Court of Queen’s…
Hard market is trickling down to condo unit owners
November 13, 2020 by Greg MeckbachThe hard market in commercial property coverage for condo corporations is having an impact on individual condo and strata unit owners, new data from LowestRates.ca shows. Personal property rates for condo unit owners increased 16% year-over-year in both Alberta and…
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…
How IBC is addressing hard market in condo insurance
January 7, 2020 by Greg MeckbachCondo corporations in Alberta that are having trouble finding insurance might be able to get help from the Insurance Bureau of Canada. IBC announced Tuesday it is “engaging” a risk manager who can make practical recommendations to condominium corporations to…
Landlord sued over $16,000 water leak wins appeal
November 28, 2018 by Greg MeckbachA major water leak from a Surrey, British Columbia strata unit has spawned debate among judges over whether landlords are liable in such cases. Crystal Thomas was renting a condo unit in Surrey in the summer of 2015. A large…
Why insurers urge caution on regulating condo deductibles
November 12, 2018 by Jason ContantThe government of Quebec should take a “wait-and-see” approach to define what is a reasonable or unreasonable deductible for condominium insurance, the Insurance Bureau of Canada (IBC) told Canadian Underwriter last week. The provincial finance ministry recently held a consultation…