FAQ Category: Condo Building Insurance

Boiler & Machinery/Equipment Breakdown insurance provides coverage for direct physical damage to key building systems and equipment. This includes boilers and hot water tanks, central air conditioning chillers, electrical equipment such as master panels and underground wiring, transformers, and pumps and motors. It helps cover repair or replacement costs and minimizes disruption to building operations…

A Statement of Values (SOV) is a document that outlines the replacement cost of your condominium corporation’s property, including all common elements and assets covered under the insurance policy. It ensures that the corporation has adequate insurance coverage in the event of a loss.

Legal Expenses coverage helps condominium corporations manage the cost of certain legal matters related to their operations. This can include disputes with contractors, by-law enforcement, debt collection from owners, and other property-related issues. It provides access to legal support without placing unexpected strain on the corporation’s finances, helping protect its interests and support day-to-day operations.

Condominium corporations handle sensitive information, including owner personal data, financial records, and payment details. If that information is compromised through a cyberattack, phishing incident, or ransomware event, the financial and operational impact can be significant. Cyber insurance protects the corporation by covering costs such as data breach notifications, credit monitoring, legal and regulatory expenses, business interruption losses,…

Appraisals confirm that a building’s replacement value is accurate and that coverage limits reflect current construction costs. They should be completed every three years and are generally considered valid for one year. If an updated appraisal is not provided at renewal, building limits are typically increased by approximately 7% to help address inflation and reduce…