General Insurance Questions

Whose insurance will respond and who will pay the deductible?

If the unit or common elements are damaged, the condominium corporation’s insurance will respond and the Corporation will pay the deductible.
If damage to the common elements is a result of an act of negligence or omission on the part of the owner and contained within their unit, the condo corporation can charge back an amount up to an amount equivalent to the deductible. Owners may obtain insurance to cover the amount of the deductible through their individual insurance policy
If it is personal property or an improvement to the unit that is damaged, then a claim against the condo unit owner’s policy will be made and the unit’s owner will need to pay the deductible.

What is an insurance trustee?

The purpose of an insurance trustee is primarily to protect the interests of mortgage lenders as well as the owners. In the event of a large claim, the cheque is issued to the insurance trustee to ensure these funds are used solely for repairing the damage covered by the insurance policy.

Do I need to have a copy of the master policy?

You should supply a copy to your own insurance agent or broker so that they can evaluate what the Master policy covers and what you need to cover, otherwise you might be paying double for the same coverage of be under insured.


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