A loss causes damage to a condo unit and to the condo building. The syndicate is responsible for having the damage repaired. It can choose to file a claim with its insurer or not. In this example, it decides to file a claim with its insurer. How does this work? Here are explanations.
If the loss is covered, the insurer indemnifies the syndicate, less the applicable deductible. To cover the amount of its deductible, the syndicate can:
If improvements were damaged in a condo, 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.