who will investigate the circumstances of your loss, examine the
documents you provide and explain
the process. Take notes during the
conversations and don’t be afraid to
• Keep all receipts related to clean-up
and living expenses if you’ve been
displaced. Ask your insurance broker
about what expenses you may be entitled to and for what period of time.
• Your insurance company will ask you
to complete a Proof of Loss form, to
list the property and/or items that
have been damaged or destroyed,
with the corresponding value or cost
of the damage or loss. You must sign
and swear that the statements you
make in the Proof of Loss form are
true. Ask your insurance broker or
claims adjuster to clarify anything
you are unsure about.
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• After a loss or a change in insured
property and assets it is very impor-
tant for the strata corporation, strata
owner or tenant to immediately
contact the insurance broker. Insur-
ance providers may also have other
requirements for insurance holders.
• Insurance money must be used
without delay to repair or replace the
damaged property unless the strata
corporation has a 3/4 vote within
60 days to decide not to replace
or repair damaged property after
receiving insurance proceeds paid
on a claim in respect of the damaged
property. The insurance proceeds are
then allocated among “persons with
an interest”. Note: section 160 of the
Strata Property Act allows parties to
go to court to dispute the 3/4 vote.
• The strata corporation can pay for
a strata corporation’s insurance
deductible from its reserves (without
requiring a vote of approval by owners) or by special levy (without requiring a vote of approval by owners).
This allows the strata corporation to
quickly obtain insurance payouts to
repair and replace common property
and other assets.
• A strata corporation can sue an
owner to recover the strata corporation’s insurance deductible, if the
owner is responsible for the loss or
damage that gave rise to the claim.
?We sometimes hear people say- ing that insurance coverage is not available for a particular dis- aster or another because it was an “Act of God”? Is there an “Act of God” exclusion in insurance? • No. Some contracts — for exam- ple, leases or work contracts — may include clauses that limit the contract in the event of a disaster, but insurance by its very definition must be much more specific about what losses will be covered. Insurance contracts list the perils that are covered, the limits of coverage, and list the exclusions.
Contrary to popular belief, there
is no such thing as an “Act of
God” exclusion in any property
insurance policy in Canada. In
fact, insurers routinely pay for
damage resulting from natural
disasters, including windstorms,
hail and wildfires.