Insurance Registry – Risks of being uninsured

Insurance plays a vital role in condo communities, and failure to adequately insure can have serious repercussions throughout the building and among neighbors. Maintaining an insurance registry is an effective way to monitor who has proper insurance, what is insured, and when coverage expires. The responsibility of insuring units lies with owners and tenants, and failure to maintain insurance risks not being able to restore the unit to its condition prior to damage. One unit owner's failure to maintain adequate insurance coverage and causing damage to other units passes liability to those who are insured, including the condo corporation. Insurance protects against accidents occurring in your unit and those occurring in other units that affect you.