MemberDecember 18, 2022 at 2:55 pm
I’m so glad you found this info helpful!
As I understand it, there is no requirement in Alberta legislation that a condo corporation gets an insurance appraisal. Many condo corporation bylaws will require an insurance appraisal though, and I would say the majority of condo corporations do get an insurance appraisal regardless if this requirement is in their bylaws.
Alberta legislation says that the condo corporation must place insurance on the common property against loss resulting from destruction. Arguably if the condo corporation does get an insurance appraisal and despite the insurance appraisal the board purposefully under-insures the common property, and then the condo corporation suffers an insured loss, the board members might be vulnerable to a successful lawsuit by the owners.
You are right it would be ideal if the requirement for an insurance appraisal was required in legislation.