Risk & Business Magazine CMW Spring 2016 | Page 25

Air Space Parcels
The Importance of the Right Insurance

BY: DANI WATERS RUSSELL, CLIENT EXECUTIVE, VICE PRESIDENT, CMW

A

s an owner in an air space development,
understanding the details of the
arrangement is extremely important. Being
aware of what parts of the development
are your responsibility to maintain and
insure is a critical part of the ownership
and management of a strata. A thorough
understanding of potential exposures, usage
rights and obligations for repair and costs
is necessary for successful maintenance of
any building subject to an air space parcel
agreement. Insurance can help mitigate
these risks, and is often a requirement as
part of these arrangements.
In Vancouver, developers frequently aim to
combine both residential and commercial
space inside the same building. Often, this
is seen in the form of grocery stores, offices,
and other commercial spaces in the lower
levels of a building while the upper levels
are reserved for residential apartments
or condominiums. An iss YH