Dear Strata Owners:
PLEASE STOP letting lawyers, insurers, property managers, strata councils, the CRT, CCI, or CHOA confuse the strata's bylaws or s.72 duty to repair with it's Part 9 duty to insure strata lots and fixtures at full replacement value.
When Stratawest owned by the CRT's Garth Cambrey was our PMC the structural damage to our strata lot from a flood in the unit above in 2003 was not reported to the insurer, and the repairs the strata started were never completed. This is just one of thousands of examples of the BS that has been leaving strata buildings in BC increasingly dilapidated over time.
It was only a matter of time before insurers eventually got sick and tired of stratas interfering with, delaying, or offloading responsibilities, tampering with claims, and thwarting statutory repair obligations. They finally raised premiums and deductibles just as unreasonably, proving that two can play that game. Change strata-insurance-premiums
The strata corporation is not the insurER - the strata is the insurED, and so are the owners. The amount of the deductible is NOT a self-insured retention; if an owner makes a claim on the strata's insurance, the insurer must pay the claim and seek reimbursement of the deductible from the strata. The strata, not the owner, is responsible for reimbursing the insurer for the deductible. Then, the strata must prove to a court that an owner was responsible for the loss if it wants to chargeback anything to an owner's account.
Please put a stop to the insanity.
Thank you.
Self-insured retention (also known as SIR) is defined as a dollar amount specified in a liability insurance policy that must be paid by the insured before the insurance policy will respond to a loss. In contrast, under a policy written with a deductible provision, the insurer would pay the defense and indemnity costs associated with a claim on the insured’s behalf and then seek reimbursement of the deductible payment from the insured.
