Q&A: Standard Unit Bylaws

The article discusses the importance of a Standard Unit Bylaw in condominiums for good insurance management. It explains that the bylaw defines what the condominium corporation is responsible to insure and what unit owners are responsible to insure. The bylaw ensures fair treatment for all unit owners during insurance claims and clarifies their responsibilities. It recommends specific inclusions and exclusions in the bylaw, and the process of passing the bylaw is outlined. Successful strategies include communication, engaging property managers, lawyers, and insurance brokers, and ensuring balance in the definition to protect all unit owners.