STORY SUBMITTED BY MICHAEL GIBSON – CONDOMINIUM LAWYER – MILLER THOMSON LLP. Originally printed in “InSite to Condos” Vol. 39, Issue 1. In January 2020, Alberta introduced new provisions of the Condominium Property Regulation, shedding light on insurance obligations between owners and their condominium corporations. One significant change revolved around insurance deductables. Absolute Liability for…
FIDELITY BONDING – INSURANCE AGAINST FRAUDULENT OR DISHONEST ACTS by Dawn Mitchell (HUB International Insurance Brokers) On January 1, 2020, Section 62.5 of the Condominium Property Act Regulations will make it mandatory for all condominiums – commercial and residential – to have a fidelity bond. Corporations that do not currently have this coverage will be…
The condominium insurance industry certainly has faced its challenges in recent years. Multiunit residential and commercial structures, by their nature, are susceptible to many risks that can result in significant damages. When an insurable loss happens it often leads to many challenges with communication, continuity of claims handling and cost control. You may not be…