FAQs: Insurance

What is the minimum liability insurance coverage required for a strata corporation?

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.

The strata corporation has obtained $1.5 million in liability coverage - is that enough?

No, under Strata Property Regulation 9.2, a strata corporation must have at least $2 million in liability coverage.

At the AGM, council said nothing about insurance. Is that a breach of the Act?

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.

How long must a strata corporation retain copies of insurance policies?

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.

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?

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.

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