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Managing Costs and Risks in Condominium Insurance
Author:
Gareth Stackhouse
Publication date:
October 1, 2021
Article Summary:
Managing costs and risks in condominium insurance can be achieved through a well-drafted standard unit, insurance, and maintenance by-law. The Lozano v. TSCC 1765 case highlights the importance of such a by-law in avoiding costly litigation. Components of an effective by-law include defining the standard unit, expanding insurance deductible recovery, waiving subrogation rights, and setting insurance requirements for unit owners and tenants. Maintenance standards can also play a vital role in preventing damage and establishing liability.
Keywords:
Condominium insurance, insurance costs, insurance risks, standard unit by-law, insurance by-law, maintenance by-law, cost control, insurance deductible, subrogation, strict liability, maintenance standards, damage prevention, liability establishment.
Source Citation:
Gareth Stackhouse
Managing Costs and Risks in Condominium Insurance
October 1, 2021
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