Insuring your unit

The Corpororation is responsible to insure, repair and maintain the common elements (lobby, cladding, windows, elevators, HVAC equipment, hallways, etc.

Owners are responsible to insure and repair their unit, including after damage. As such owners must obtain adequate insurance to insure their unit, including all of its finishes and their content and to cover the Corporation’s insurance deductible, currently set at $50,000.

By-laws impacting the level of insurance required by owners

To protect the collective ownership, reduce insurance cost and reduce risk to the Corporation (and by extension to all owners), this corporation has in place the following two by-laws:

• A Standard Unit by-law which places on each owners the responsibility to repair any and all damage caused to their unit, however so caused and whatever the source. You need to insure all finishing in your unit are properly insured.

• An Insurance Deductible by-law which places on individual owners the responsibility to pay (or submit to their own personal insurer) the amount of the Corproation’s deductible. An individual owner will be responsible for the deductible amount if: they cause the damage; they are the source of the damage or, when no one is at fault, if their unit has been damaged. Currently, our deductible amount is set at $50,000.

Owners must ensure they have adequate insurance to cover the above.