Report on Insurance Issues for Stratas
120 Pages Posted: 18 Mar 2019
Date Written: March 12, 2019
Abstract
Insurance is of vital importance for all property owners. This point is equally valid for owners of single-family homes and owners of strata lots. But strata-property owners face complex issues that other owners don’t face. Managing these issues is one of the major tasks of strata-property law.
This report recommends ways to enhance the legal framework governing insurance issues for strata properties. The report recommends expanding the insurance mandate on strata corporations to include directors-and-officers insurance, a new approach to dealing with liability to pay a strata corporation’s insurance deductible in cases where an owner is responsible for a claim, and enhanced reporting and information-sharing provisions. The report also contains draft legislation and regulations, which illustrate how the report’s recommendations could be implemented.
This report is the fourth report published in BCLI’s Strata Property Law Project—Phase Two. BCLI’s work on strata-property law reaches back to phase one of this project, which concluded in 2012 with recommendations to examine selected areas of strata-property law and to make recommendations for legislative reform that will support the next generation of the Strata Property Act.
Keywords: strata property, condominium, insurance, common property, strata lot, deductible, legislation, British Columbia
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