Residential strata Flood coverage
3.7 Flood Coverage R43
3.7.1 Description of CoverageWe agree to extend the insurance provided to the coverages indicated on the declaration page under this Rider, to include direct loss or damage to property insured under Coverage A caused by the sudden and accidental entry of water resulting from flood into the Strata Building or private structures on the premises.
This coverage does not increase the amounts of insurance stated in the policy.
3.7.2 Loss or Damage Not Insured
We do not insure loss or damage:
- caused by the breaking out or the overflow of any body of salt water; or
- caused by tsunami, tides or waves of any kind; or
- caused by continuous or repeated seepage or leakage of water; or
- caused by ground water, or
- to a watermain; or
- occurring while the Strata Building or Strata Unit insured is under construction or vacant, even if we have given permission for construction or vacancy.
3.7.3 Basis of Claim Payment Coverage A – Building
If it is necessary to rebuild the Strata Building following insured damage caused by flood as defined below, you do not have to rebuild on the same premises with materials of equivalent kind and quality. We will pay the lower of:
- what it would have taken to rebuild the Strata Building insured at the time of the loss; or
- the amount to build your new Strata Building; or
- your Coverage A limit shown on the declaration page.
If you do change premises, “Guaranteed Building Replacement” is not available and we will cover debris removal and increased cost from bylaws up to the coverage limits for the Strata Building insured at the time of the loss. Any costs associated with the sale or purchase of property is not covered.
You can change the occupancy and materials used in the Strata Building if you wish, as long as doing so does not increase our total cost. If you want to handle all or any part of your claim on your own, you may take an actual cash settlement without depreciation. You must take an actual cash settlement without depreciation for your entire claim, except debris removal at the original premises of the loss, and release us from all rebuild obligations if you choose to rebuild outside B.C.
For each single flood claim, we will pay only the amount of loss or damage, which exceeds the deductible shown on the declaration page for this Rider.
All flooding occurring within any period of one-hundred sixty-eight (168) consecutive hours during the policy term shall be deemed to be a single flood for the purpose of this Rider.
The coverage under this Rider is subject to the definitions contained in Section 5 of this policy except as modified or added by the definitions contained within this Rider.
- “Flood” means:
- the breaking out or the overflow of any body of fresh water; or
- the accumulation or run off of surface water or rainfall or snowmelt.
All other terms, conditions, limitations, exclusions and definitions within the policy remain unchanged.