A loss causes damage to a condo unit and to the condo building. However, the damage is less than the syndicate’s policy deductible. How does this work? Here are explanations.
The syndicate must have the damage caused to the condo building property repaired. To cover the cost of the repairs, it can:
If improvements to the co-owner’s unit were damaged, the co-owner’s insurer will cover the claim for that portion.
The responsible co-owner has civil liability coverage. His insurer will defend him and if he is held responsible, it will indemnify the parties that suffered the damage as per the provisions of his condo insurance.