Buildings must be insured to their full replacement cost in accordance with the Ontario Condominium Act. In order for a building valuation/appraisal to be accepted, it must be conductged by an accredited independent valuation/appraisal company.
Buildings not insured to their full replacement cost may suffer a co-insurance penalty (see: glossary for definition). Our Program provides coverage with no co-insurance clause*.
*building must be appraised within 90 days from inception
Our Program provides Commercial General Liability (CGL) coverage with no General Aggregate limit. Policies that have a general aggregate limit restrict the amount that can be claimed in any one policy period. This could be a very serious restriction to your coverage that we urge you to guard against.
Our Program provides coverage for the personal liability of the Directors & Officers up to the declared policy limit. Our Program also extends coverage to the Property Manager.
Additionally, our Program wordings will extend to defense costs that indemnifies the Directors & Officers in excess of the policy limit.
Furthermore, our Program wordings provide Human Rights legal defense coverage included up to the D&O policy limit with No Deductible. Coverage applies whether or not the allegations have merit.