STRATA CORPORATION INSURANCE
•
Fixtures built or installed as part of
the original construction, including
things like floor and wall coverings
or electrical and plumbing fixtures
• Strata assets like furniture and
equipment
• Liability of the strata corporation
for property damage and bodily
injury claims
A UNIT OWNER’S POLICY COVERS:
• Personal property such as clothing,
household items, furniture, and
items stored in lockers
• Unit upgrades (betterments or
improvements)—such as custom
hardwood flooring—made by
current and previous unit owners
• Expenses over and above the normal
cost of living in the event that the
owner is unable to live in their home
following an insured loss
• Unit owner’s personal liability
for any bodily injury or property
damage unintentionally caused to
others
A Strata Corporation should strongly
encourage their Unit Owners to obtain
and hold in place a Unit Owner's Policy.
insurance policies are created equal, and
strata corporations must work closely
with a qualified insurance broker to
not only purchase the right policy but
also carry the correct limits. This is
especially important for strata insurance,
as corporations may need specific limits
to meet requirements set out in the
Strata Property Act (Act).
While the Act outlines insurance
requirements for property and liability
coverage, strata corporations are advised
to consider several other forms of
insurance, arguably equally as important
as the legislated requirements. These
include the following:
DIRECTORS & OFFICERS INSURANCE
•
EQUIPMENT BREAKDOWN INSURANCE
•
•
Betterments and improvements
Liability coverage
Damage to other units and common
areas
• Personal property and items stored
in common areas
•
• Living expenses
There are often multiple policies,
conditions, and clauses to manage with
strata insurance. What’s more, not all
Facilitates access to law and justice
by providing legal advice and
covering legal costs of a dispute,
including between owners.
VOLUNTEER ACCIDENT INSURANCE
•
Provides financial compensation
and covers for defined out-of-pocket
expenses if an accident results in
the injury or death of a volunteer.
Also, Earthquake Insurance, Overland
Flood and Water Damage, and coverage
for appliances built or installed as part
of the original construction—including
things like floor and wall coverings or
electrical and plumbing fixtures—should
be considered.
Navigating the complex world of strata
coverage can be a challenge. When it
comes time to elect coverage, contact an
insurance expert at Waypoint. They will
simplify the underwriting process for
you, ensuring your strata corporation
secures not only adequate coverage
but also a tailored solution designed
specifically for your unique exposures.
Can cover cash, assets, or other
property loss when someone
perpetrates fraud, embezzlement,
forgery, misrepresentation, robbery,
theft, or any other type of business-
related crime.
POLLUTION
•
Earthquake insurance
A Unit Owner who does not carry such a
policy may find themselves responsible
for damages or liability they had not
considered. The Strata Corporation,
while made up of the individual unit
owners, does not supply the personal
insurance interests of each owner.
Coverage for loss due to mechanical
or electrical breakdown of nearly
any type of equipment, including
computers.
•
CRIME
In particular, consider these special
areas of concern for unit owners:
•
•
•
Protects the strata council members
against liabilities for errors and
omissions made in the performance
of their duties as council members.
LEGAL EXPENSE
Pollution liability insurance
protects against liability from
damage caused by hazardous waste
materials. It covers bodily injury
claims and property damage, along
with clean-up costs caused by
contamination from hazardous
waste materials.
CYBER
•
Cyber and privacy policies cover
liability for a data breach that
results in the loss of personal
information, such as social
insurance card numbers.
BY: BARB DE RUITER
Barb de Ruiter is responsible for the
development of Waypoint’s Strata
Program. Having worked as a broker
at all levels of the industry for over 20
years, Barb has spent the last 10 years
specializing in the handling, placement,
and management of large and complex
commercial accounts. She enjoys
developing strategies to best serve her
clients, providing value and uncovering
service opportunities. She maintains
active involvement in local business
networking including VICA (Vancouver
Island Construction Association) and
WIC (Women in Construction). To
connect with Barb, or any other Waypoint
Commercial Specialist, call 310-8442 or
visit us online at waypoint.ca.
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