If you are not already a member of the Canadian Condominium Institute (CCI), you should join. CCI offers education seminars, as well as seminars on how to deal with various situations that may arise at your Corporation. The information they provide is informative and interesting.

'Wrongful Act' is defined as an act, error, or omission that takes place within the course of performing their duties.

Lately, premiums have also increased as water losses have been substantial. Think of insurance as a pool where all the Condominium Corporations put in premium and those that have losses take the premium out to pay those losses.

If the losses are higher than anticipated, more premium is required to pay the losses. The additional premium is spread out amongst all, rather than just the few that had losses.

The Corporations insurance will be responsible for damage to the standard unit – which is basically the unit as originally built, without any upgrades.

It is very important to know that you must insure improvements and betterments done to your condo unit, even if you did not do them.

If a standard unit did not have a finished basement and the owner prior to you finished the basement, you need to insure that improvement.

Next call someone on your Board. If you cannot reach someone on your Board call your Property Manager, who is experienced in how to proceed.

If there is damage to your personal property, call your personal home and property insurance broker or insurance company.

Most policies for Condominium Unit Owners has a provision for this, in which case your insurer will pay the Corporations deductible if you are deemed responsible. Make sure the deductible your insurer will pay is adequate.