In this article, we cover "the topics that should always be addressed at the annual meeting regarding insurance."
Franchises
1- If there is condominium insurance, who pays the deductible in the event of claim in a unit?
A) The fraction causing the damage;
B) The condominium
This issue is important to avoid future conflicts in the event of accidents originating in the fractions and to avoid discussions about who should bear the deductible.
Capital Insurance
We all know how important it is for condominium insurance to have the correct insured amount, so the collective insured amount for the condominium must be decided and recorded in the minutes. It should be written as "... the meeting decided that the insured value of the property is XXX." It must be defined for three reasons:
2.1 – So that the administration does not have to assume responsibility for defining the amount to be insured.
2.2 – How can I request insurance for individual units if there is no insurance policy covering the entire property?
It will be impossible to require co-owners to provide insurance with a specific value that allows them to insure their unit.
2.3 – What alternatives should be offered? (minimum reconstruction value, highest reconstruction value, real estate expert)
We would like to remind you that a document has been created to help condominium administrations explain to their residents, before and during the meeting, how the insured value of a property is calculated. You can forward it to your residents so that they understand what they will have to decide.
TIP: Set an insurance value that is at least the minimum value of the expedited method, but don't stop there if you want to provide a good service to your co-owners.
The Support document on "Reconstruction Value" contains information on the three alternatives for calculating values.
You can distribute it to your fellow residents or use it as support material at condominium meetings:
What to do with co-owners who do not provide insurance
3- If a condominium owner does not provide insurance, it must be recorded in the minutes that the administration will take out insurance on their behalf, with the costs being charged to the owner.
If this is not recorded in writing, these costs cannot be charged to the condominium owner.