04-15-2021, 07:03 PM
|
#2
|
Franchise Player
Join Date: Feb 2006
Location: Calgary, AB
|
It might have to be written into your bylaws, but my understanding is that you can recover up to the cost the deductible even if you don't make a claim.
I looked it up, and this is what my building's bylaws say...
Quote:
Regardless of whether a claim is made under any insurance policy of the Corporation, if the Board, in its sole discretion and acting reasonably, determines that:
(i) an Owner (or members of his family, his tenants or members of their families, his invitees, contractors or licensees) is responsible for the loss or damage that gave rise to the potential claim; or
(ii) the loss or damage or the cause of the loss or damage that gave rise to the claim or potential claim originated from the Owner’s Unit; the Corporation may recover the deductible portion of the claim (whether a claim is made or not) from that Owner and such amount shall be recoverable by the Corporation as a contribution due to the Corporation, together with interest thereon as herein provided, for the amount of the deductible and all costs, charges and liabilities associated therewith (including legal costs on a solicitor and his own client full indemnification basis) and with the collection thereof incurred by the Corporation, and such monies shall be a charge upon his Unit to the same extent as it would be if it were a contribution levied against the Unit.
|
__________________
Turn up the good, turn down the suck!
|
|
|
The Following User Says Thank You to getbak For This Useful Post:
|
|
04-15-2021, 07:38 PM
|
#3
|
Craig McTavish' Merkin
|
Our bylaws don’t mention being able to collect without a claim but they’re due for an update.
|
|
|
04-15-2021, 07:54 PM
|
#4
|
Franchise Player
Join Date: Jul 2003
Location: Sector 7-G
|
Quote:
Originally Posted by DownInFlames
For example, a water leak causes $40,000 damage and the deductible is $25,000. We could make a claim and get the owner to pay $25,000, or we pay $40,000 to fix the damage and the owner owes nothing.
|
Whoa, hang on. That $40,000 has to come from somewhere, and Boards rarely have $40 large sitting around. As an item of repairs and maintenance, leaks aren't typically items covered by the Reserve fund.
That leaves a special assessment whereby all units of the building would have to proportionately chip in to cover the $40K. Which generally leaves the entire populace ripping mad.
That leaves the ability to collect the $40K directly from the unit that charged it. I'm not a lawyer, but I believe it comes down to your bylaws, and whether it states the offending unit is responsible for 100% of the incident in the event a claim is not filed.
I say that, as the guilty unitholder may have an argument that 'insurance exists for a reason, use it" to only owe the $25K and not $40. Again, it all comes down to the almighty bylaws.
|
|
|
04-15-2021, 08:05 PM
|
#5
|
Franchise Player
|
Quote:
Originally Posted by I-Hate-Hulse
Whoa, hang on. That $40,000 has to come from somewhere, and Boards rarely have $40 large sitting around. As an item of repairs and maintenance, leaks aren't typically items covered by the Reserve fund.
That leaves a special assessment whereby all units of the building would have to proportionately chip in to cover the $40K. Which generally leaves the entire populace ripping mad.
That leaves the ability to collect the $40K directly from the unit that charged it. I'm not a lawyer, but I believe it comes down to your bylaws, and whether it states the offending unit is responsible for 100% of the incident in the event a claim is not filed.
I say that, as the guilty unitholder may have an argument that 'insurance exists for a reason, use it" to only owe the $25K and not $40. Again, it all comes down to the almighty bylaws.
|
I haven’t owned a Condo in a long time but I thought individual Condo insurance you buy usually as a clause to cover for Damage caused by your unit to other units up to certain amounts. I thought it was up to the deductible of the corporation.
|
|
|
04-15-2021, 08:15 PM
|
#6
|
Franchise Player
|
I sorta recall somebody on CP having a condo, filled a sink with water to wash dishes and then the sink fell/broke off of the counter. Water damage to the neighbor below - not sure how that turned out.
|
|
|
04-15-2021, 08:19 PM
|
#7
|
Craig McTavish' Merkin
|
Quote:
Originally Posted by chemgear
I sorta recall somebody on CP having a condo, filled a sink with water to wash dishes and then the sink fell/broke off of the counter. Water damage to the neighbor below - not sure how that turned out.
|
I have a vague recollection of that. Wasn’t he from Europe or something?
|
|
|
04-15-2021, 08:29 PM
|
#8
|
Franchise Player
|
Quote:
Originally Posted by getbak
It might have to be written into your bylaws, but my understanding is that you can recover up to the cost the deductible even if you don't make a claim.
I looked it up, and this is what my building's bylaws say...
|
This is how things are mostly these days.
Have to review your bylaws though.
|
|
|
04-15-2021, 08:44 PM
|
#9
|
Franchise Player
Join Date: Jul 2003
Location: Sector 7-G
|
Quote:
Originally Posted by GGG
I haven’t owned a Condo in a long time but I thought individual Condo insurance you buy usually as a clause to cover for Damage caused by your unit to other units up to certain amounts. I thought it was up to the deductible of the corporation.
|
That's basically it, but it's to a max of $50,000. Probably the biggest difference is that the offending unit no longer has to be negligent for the Board to come after them for the deductible. Now - if the leak was from your unit, whether you had anything to do with it or not - you're paying up.
This site has a good writeup on the topic.
https://www.lanesinsurance.com/start...ble-insurance/
Faced with a battle with the offending unit that is at best, only willing to pay up to the value of the deductible - most boards just make the claim, and jack condo fees the next year to cover the massive increase in premiums... and the cycle continues.
Last edited by I-Hate-Hulse; 04-15-2021 at 08:47 PM.
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -6. The time now is 01:44 AM.
|
|