Certificate of Insurance - Oct 31, 2015 - Oct 31, 2016

Post date: Nov 09, 2015 7:48:56 PM

Montgomery Ross & Associates has mailed out the new insurance certificate to all Owners on title. It has also been uploaded to the website under Resources for your reference. If you are on the email distribution list, you would have also received this via email.

The condominium insures the units for improvements and betterments made to the units by the developer but not for improvements made by the owner; this is an owner responsibility.

We ask that you check the deductible amounts, particularly for water and sewer claims, which are $10,000 and $10,000 respectively. Your attention is drawn to this because depending on the cause of an insurance claim, the responsibility for the deductible could rest with you, the Unit Owner.

It is suggested that you speak to your homeowner’s insurance agent to find out if you are covered for any of the Condominium’s deductible should there be a claim where you are found responsible. This type of coverage (called a buy-down rider) is available from some issuers and could reduce your exposure.


Supposing the Board of Directors has determined that a deductible on a water claim is the Unit Owner’s responsibility and the total claim is say, $15,000.00 and the Condominium Corporation’s deductible is $10,000.00.

Now assuming that the Owner’s personal policy has a deductible of $500.00 with a buy-down rider in place, the Unit Owner would be responsible for the first $500.00 of the deductible, his insurance company would pay the next $9,500.00 on behalf of the unit owner, and the Corporation’s insurance company would pay the balance of $5,000.00 on this claim.