MemberApril 10, 2022 at 4:46 pm
Posted by: MarkH
MarkH: You asked “Would they simply contact an insurance broker and ask for an insurance package meeting the requirements of the CPA&R?” I recently received a notice from my insurance company telling me what the changes in the Act required and noted that some risks are not covered. I had already covered most of those issues (such as damage caused by sewage flooding the basement of my apartment building) in MY policy (not a standard package). You should consider the needs of your project, not the convenience of a one-size-fits-some package.
I wonder what your building insurance company meant by “some risks are not covered.”
Maybe they were referring to 61(3),(4),(5),(6) in the regulations which appear to give the insurance companies some flexibility in insuring the required perils to be covered under 61(1).
Or maybe they were trying to sell you “all risks” insurance, which I understand covers everything that is not explicitly omitted in the policy.