{"title":"Strata Assessment Coverages","subtitle":"","body":"\u003cstyle\u003e\n    li {font-size:1rem;}\n\u003c/style\u003e\n\u003ch3\u003eStrata Insurance Deductible\u003c/h3\u003e\n\u003cp\u003e\nDon\u0026rsquo;t get caught holding the bag. This coverage protects you in case you\u0027re responsible for the deductible if the Strata Corp files a claim. Some buildings have strata deductibles up to $100,000 which could be assessed to one unit owner.\n\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eExample\u003c/strong\u003e: You flush the toilet on the way out of your unit and it overflows for an extended period of time \u0026ndash; damaging your unit and several other units. \u0026nbsp;The Strata Corporation files a water damage claim with its own insurance company and the deductible amount is assessed to you as the unit owner responsible for the damage.\u0026nbsp;\n\u003c/p\u003e\n\u003ch3\u003e\nStrata Liability Coverage\u003c/h3\u003e\n\u003cp\u003e\nIf there is a large liability claim against your Strata, and the Strata\u0026rsquo;s policy doesn\u0026rsquo;t have adequate insurance to cover the claim, the condo unit owners may be responsible for a portion of the liability award. Essentially, this protects you against the difference.\u003cbr /\u003e\n\u003cbr /\u003e\n\u003cstrong\u003eExample\u003c/strong\u003e: \u0026nbsp;$1.5 million liability claim arises when a group of children are seriously injured in the community room. \u0026nbsp;The Strata Corporation\u0026rsquo;s policy only has $1million liability limit of insurance so the other 40 units are assessed the remaining $500,000.\u003c/p\u003e\n\u003ch3\u003eStrata Property Damage Coverage\u003c/h3\u003e\n\u003cp\u003eIf there is extensive damage to a common area of the building or grounds and your Strata Corporation is under-insured, each condo unit owner may be held responsible for a portion of the damage costs.\u003cbr /\u003e\n\u003cbr /\u003e\n\u003cstrong\u003eExample\u003c/strong\u003e: A fire breaks out in the community area causing $1.5 million in property damage. The Strata Corporation\u0026rsquo;s policy only has a $1million in coverage so the other 40 units are assessed the remaining $500,000.\u0026nbsp;\u003cbr /\u003e\n\u003cbr /\u003e\n\u003c/p\u003e\n\u003ch3\u003e\n\u003c/h3\u003e","ID":"9272ba82-c53f-4c3c-afa5-6a6727759edf","__DisplayName":"","Name":"Strata Assessment Coverages","DisplayName":"Strata Assessment Coverages","SortOrder":0}