FAQs:
Insurance
Q - What is the minimum liability insurance coverage required for a strata corporation?A - The minimum amount of liability coverage required for a strata corporation is two million dollars. A strata corporation should seek higher liability coverage if it has common property amenities such as a swimming pool or a fitness facility.
Q - The strata corporation has obtained $1.5 million in liability coverage - is that enough?
A - No, under Strata Property Regulation 9.2, a strata corporation must have at least $2 million in liability coverage.
Q - At the AGM, council said nothing about insurance. Is that a breach of the Act?
A - Section 154 of the Strata Property Act requires an annual review of adequacy of insurance; and a report on insurance coverage at an annual general meeting.
Q - How long must a strata corporation retain copies of insurance policies?
A - Strata Property Regulation 4.1(7)(b) requires a strata corporation to maintain any insurance policy for at least 6 years from the date of expiry.
Q - Council refuses to allow an owner permission to look at or obtain a copy of the strata corporation's insurance policy. May council do that?
A - No. An owner, as a named insured and pursuant to section 36(1) of the Strata Property Act, is entitled to look at and obtain a copy of the strata corporation's insurance policies.
This FAQ section is for informational purposes only, for the convenience of our visitors. While these questions and answers are about legal issues, they are not a substitute for consultation with a lawyer, and should not be relied on as a basis for any legal decision. As with anything of a legal nature, different circumstances can create different results.
