All Owners and Residents are reminded that the Strata Corporation
Insurance Policy does not provide for individual contents, betterments
or improvements (i.e., clothing, furniture, decorating, upgrading of
flooring, etc.). Owners and Residents must carry their own "tenants
package" insurance for this coverage. You should contact your personal
insurer to determine if you have adequate insurance coverage. Attached
to these Minutes is an outline of personal insurance that should be
carried by each Resident.
Section 149 (1-4) and Regulation 9.1 of the Strata Property Act
set out the responsibilities of the Strata Corporation regarding insurance:
Section 149 states:
- Property Insurance required for strata corporation
- 149 (1) The strata corporation must obtain and maintain property insurance on (a) common property, (b) common assets, (c) buildings shown on the strata plan, and (d) fixtures built or installed on a strata lot, if the fixtures are built or installed by the owner developer as part of the original construction on the strata lot.
- (2) For the purposes of subsection (1) (d) and section 152 (b), "fixtures" has the meaning set out in the regulations.
- (3) Subsection (1) (d) does not apply to a bare land strata plan.
- (4) The property insurance must (a) be on the basis of full replacement value, and (b) insure against major perils, as set out in the regulations, arid any other perils specified in the bylaws.
Regulation 9.1 states:
- 9.1 (1) For the purposes of sections 149 (1) (d) and 152 (b) of the Act, "fixtures" means items attached to a building, including floor and wall coverings and electrical and plumbing fixtures, but does not include, if they can be removed without damage to the building, refrigerators, stoves, dishwashers, microwaves, washers, dryers or other items.
- (2) For the purposes of section 149 (4) (b) of the Act, "major perils" means the perils of fire, lightning, smoke, windstorm, hail, explosion, water escape, strikes, riots or civil commotion, impact by aircraft and vehicles, vandalism, and malicious acts.
Owners who will be away for an extended period of time are encouraged to leave a suite entry key in care of the Strata Council. Failing that please leave a key with a neighbour or agent and advise the Property Management Company (StrataWest) or your contact person. Most personal insurance policies require that you have a neighbour or agent check your suite every 48 to 72 hours.
What the Strata Corporation Insures:
The Strata Corporation must insure:
- To Full Replacement Value, common property, common assets, the buildings
shown on the Strata Plan plus fixtures built or installed on a Strata Lot,
if the fixtures are built or installed by the owner-developer as part of
the original construction on the strata lot.
The Property Insurance for Strata Corporations is normally arranged on an
"All Risks" form including protection for damage caused by flood or e
arthquake.
- Public Liability Insurance for bodily injury or property damage
to protect the Strata Corporation.
- The Strata Corporations insurer has no way of knowing what
improvements have been made to the unit by you or your predecessors.
It's therefore up to you on your personal insurance policy to insure the
value of any upgrading, improvements or generally anything that had been
paid for by you or the previous owners in improving your unit from
its original state. These items are called "Improvements &
Betterments". (See "What the strata lot .owner should insure?")
In addition, the Strata Corporation may insure:
- Strata Council Directors & Officers Liability Insurance
- Exterior Glass Insurance
- Boiler & Machinery Breakdown Insurance
- Accident Insurance for Volunteers, including Council Members
- Pollution & Remediation lrisurance
The Summary of Coverages for 2023-2024, effective 2023-10-01.
What the Strata Lot Owner Should Insure:
The Condominium Unit Owners Package Policy
has been designed far the Strata Lot Owner/Occupant.
Coverage is normally written on a Broad "All Risks" form with
earthquake protection offered as an option.
remiums are based on the limit of insurance purchased.
Such limits should reflect the full replacement value of all
household furniture and personal effects (including jewellry and other
valuable items).
In addition to the contents insurance most
Condominium Unit Owners' Poncles
include (at no additional cost) coverage for additional features:
- Additional Living Expenses
- If the ownen;/occupant is forced to leave their home due to a loss
that's covered, they may need substantial sums to live elsewhere while
the damage is being repaired and/or replaced.
- Improvements and Betterments
-
- The Strata Corporation's Insurance Poliy will provide coverage for
"fixtures built or installed on a strata lot, if the fixtures are built
or installed by the owner-developer as part of the original construction
on the strata lot." Any subsequent Improvements or Betterments
will be left to the Unit Owner to protect. Each Condominium Unit Owners'
policy will include a basic limit for this coverage varying from 50% to
250% of the Contents Limit of Insurance. Additional limits can be
purchased if required. It is wise to ensure that the limit of insurance
purchased for Improvements and Betterments accurately reflects
the replacement value of all improvements or betterments forming part of the
strata lot whether or not such improvements or betterments have been
acquired or installed by the current owner.
- Special Assessments
- This coverage provides protection for the owners' share of levies
for damage to the common property (not wear and tear) that may be charged
for a variety of reasons. This coverage only comes into effect where there
is insufficient insurance.for an insured peril under the Strata Corporation's
Insurance Policy.
- Strata Policy Deductible
- Some insurance policies provide coverage for the deductible of the
Strata Corporation's policy if the deductible is assessed as the
responsibility of the unit owner. The amount varies by insurance
company and some charge an additional premiun for this coverage.
As of September 30, 2020, the deductibles are:
- Water and Sewer Damage $25,000.00 (increased from $15,000.00)
- All Risks Damage $25,000.00 (increased from $5000.00)
It is highly recommended that you cover the deductible amounts through
your home insurance.
- Personal Liability
- This protects for legal responsibility to others worldwide for
claims arising from bodily injury, property damage, fees for legal
defense, legal liability to occasional employees, voluntary property
damage and voluntary medical payments, and covers lability arising from
the use & ownership of the Strata Lot.
- Other Insurance
- We recomnend that specific insurance be arranged on such property
as jewellery, expensive sporting equipment and other valuable items.
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