What insurance should a condominium consider?
Needs vary and may include common structure cover, third-party liability, employer liability and extensions suited to the building’s systems.
Do not rely on a product name alone. Compare insured sums, exclusions, deductibles, covered equipment, third-party liability, employer liability and risks affecting the common property.
A licensed insurance agent or broker should explain options in writing and confirm declared values. Property management can assemble information and compare quotations but does not replace licensed insurance advice.
Safety, insurance and privacy cannot be managed by an operational decision alone. The purpose, risk, qualified professional and relevant approval should be recorded, access to information restricted and the validity of inspections and cover checked.
Three points to check
- Asset and system inventory
- Compare limits and exclusions
- Licensed professional confirmation
Official and professional sources
These links are provided for further reading. Always check the authority’s website for the latest version and instructions.