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If I understand the Alberta condominium act and regulations correctly, condo corporations are only required to insure the building against the specific perils listed in 61(1) of the regulations. This means the corporation could have a “named perils” insurance policy that covers only those specific perils.
However, I have been told that condominium corporations typically get an “all risks” policy. “All risks” insurance covers any peril, except those explicitly omitted in the policy, as I understand. So “all risks” provides more extensive coverage, but is of course more expensive too.
So I’m wondering, is “all risks” insurance indeed the usual choice for condo corporations, or is it considered overkill and adding unnecessary insurance cost?
Do many condominiums cover only the perils required by the regulations and nothing more?
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Hi Jonathan, here is an answer from one of our knowledgeable condo owners:
Condominiums must comply with all of the insurance requirements dictated by the Act/Regulation first and foremost including without limitation perils. Section 47 of the Act applies. Then the Corporation must also meet all of the insurance requirements in its registered by-laws that are not in conflict with the CPA/Regulation. Then I would also review the registered Survey Plans that identify common property as well as anything the Owners do not have control over based on registered Easements/Restrictive Covenants. An Insurance Broker should be given access to all to determine the best coverage for your specific condominium corporation. Insurance Bureau of Canada is a good source of information and describes commonly insured perils vs. uninsured perils. http://www.ibc.ca/on/home/types-of-coverage/insured-perils
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