Risk & Business Magazine CMW Spring 2016 | Page 27

the corporation itself. Operating funds and contingency funds are the sole responsibility of the individual sections, as they are
considered a separate legal entity from the strata corporation.
• Legal Expense – The strata corporation is not liable for any legal costs or legal proceedings which any section is responsible for.
Again, they are considered separate legal entities.
• Errors & Omissions Liability and Directors & Officers Liability – Claims in this category are often between sections or between the
strata corporation and a section. Most directors and officers policies provide no coverage for claims brought by one insured against
another, so it pays to have separate insurance. Again, the strata corporation will not be liable for the actions of a section executive
and the section will not be liable for the a