How can condo corporations handle losses that are below their deductible?
The insurance crisis in condominiums is affecting how boards are planning for disasters in Ontario.
Impacts of the hard insurance market are trickling into condominium corporations across Canada, challenging boards and managers in their wake.
Those who have not passed a standard unit bylaw are placing a heavy burden on the corporation’s insurance to repair an insurable loss.
Condo boards and residential landlords in Fort McMurray and surrounding flood-stricken areas will have until August 5 to apply for provincial funding to help cover uninsurable damage.