July 29, 2019.

 

Dear Owners,

 

Over the last year, Insurance premiums for condominiums have increased substantially due to the number of claims being filed industry wide. Depending on the number of claims filed and the insurance history of the corporation, some condominium corporations have seen their insurance premiums jump as much as 200%, while others have had their policies terminated outright as insurers are not willing to take the risk of insuring that corporation.  This industry wide trend has meant that the insurance premium for PSCC #960 increased by 36%, even though no insurance claims have been filed by the corporation for the last 18 months.

Another change due to this industry wide trend is the increase in insurance deductibles.  The deductible for flooding at PSCC #960 has doubled from $25,000 to $50,000 as insurers, again, are hesitant to risk insuring condominiums.

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The Board of Directors understands that such high deductibles can put a major strain on suite owners should a resident, either through carelessness or accident, cause damage to a suite, or suites and the common elements.  That is why the Board of Directors is asking all owners to make sure their personal suite insurance policies is substantial enough to cover the changes to the deductible.  As all owners are aware, all suite owners must have insurance on their suites.  This is a corporation bylaw.

Along with this letter, we have provided a copy of the most recent insurance certificate for PSCC #960.  This will provide each owner with a guideline of the amount of coverage needed for personal policies.

 

We thank you for your cooperation in this matter.

 

Sincerely,

 

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Board of Directors

PSCC #960