Tuesday, March 3rd, 2020
6:30 PM – 9:00 PM
$40 – CCI NAB Members
$20 – Additional CCI Members
$60 – General Public
The area of insurance has some of the most significant rewrites in the new condominium legislation. Our panel will dig into the details on the following key changes any owner, board member or manager need to know.
1) Standard Insurable Unit Description – to assist in the claims process, each corporation is required to create and file at Land Titles this document that details what the corporation is responsible to insure and maintain.What details are required, who can assist in the preparation, is more than one description necessary and how does the approval process work will all be addressed.
2) The Claims Process – How does the SIUD affect the claim process when it comes to betterments and improvements? With the introduction of owner’s absolute liabilty, what are the new parameters for deductible coverage and what do owners need to be aware of?
3) Insurance Against Fraudulent or Dishonest Acts – This addtional coverage is now required to be added no later than your 2020 renewal date. We will discuss the what the coverage entails and how it differs from Directors and Officer coverage as well as some proactive steps to prevent fraud.