Description of Coverages
Limits of Liability
|Bareland Strata Property, – Form CMWMB-Jun-01-2012||$||147,843||See Below|
|Business Interruption||Not Covered|
|Earthquake – Annual Aggregate – Extended Replacement Cost Applies||$||147,843|
|Flood – Annual Aggregate – Extended Replacement Cost Applies||$||147,843|
|Equipment Breakdown – Bylaws Included||$||147,843||$500|
|Business Interruption – Loss of Profits (Gross Rentals)||Not Covered|
|Included – Debris Removal, $500,000. Ammonia Contamination, $500,000. Hazardous Substances, $1,000,000. Expediting Expense, $500,000. Water Damage, $250,000. Extra Expense, $100,000. Service Interruption||Included|
|General Liability – Bodily Injury, Personal Injury and Property Damage Liability – Each Accident or Occurrence||$||10,000,000||*$1,000|
|Products and Completed Operations – Aggregate Limit||$||10,000,000|
|Advertising Injury Liability||$||10,000,000|
|Medical Payments – Each Person||$||50,000|
|Tenants’ Legal Liability – Any One Premises||$||500,000||$1,000|
|Voluntary Compensation Extension – Strata Volunteers Coverage (Weekly Indemnity of 2/3 of Employee’s Weekly Wage, but not exceeding $500/week & set at $500/week for Volunteer Workers)||$||50,000|
|Strata Corporation Directors & Officers Liability – Annual Aggregate – Claims Made; Defense Costs Outside limit of liability – No limitation||$||5,000,000||Nil|
|Professional Liability Extension for Property Manager per Wrongful Act – Annual Aggregate – Claims Made||Included||Nil|
|Discrimination Defense Costs Included||Included|
|Employment Practices Liability||Included|
|Broad Form Money & Securities – Loss Inside & Outside Premises, Depositors Forgery||$||5,000||Nil|
|Employee Dishonesty, Coverage – Form A||$||10,000||Nil|
|Pollution Liability – Each Pollution Event, Including Bodily Injury or Property Damage and Clean-up Costs||$||1,000,000||$10,000|
|Aggregate (Master) Policy Limit||$||5,000,000|
|Terrorism and Sabotage Coverage||Not Covered||2,500|
|Volunteer Accident Coverage||Not Covered||7 Day Waiting Period|
|Intellect Privacy & Data Breach||Nil|
|Earthquake Deductible Buy–Down Coverage – Annual Aggregate||Not Covered|
Deductibles – Property
- All Losses $2,500 except:
- Water Damage $5,000
- Sewer Back-up $5,000
- Flood $25,000
- Earthquake 10%, minimum $100,000
- Residential Glass Breakage $1,000
- Master Key Coverage $1,000
- Lock and Key Coverage $250
Conditions – Property
- All Risks of direct physical loss or damage to property described at Location(s) of Risk shown above.
- Basis of Loss Settlement – Replacement Cost including by-laws.
- Co-insurance Basis – 90% Co-insurance.
- Extended Replacement Cost –30% Subject to an appraisal being filed with the insurers and dated within 12 months prior to the effective date of the policy.
- Any Property additions, renovations or installation work will be subject to a limit of 15% of the insured value, with a maximum of $1,000,000.
Conditions – General Liability
- Property Manager is an Additional Named Insured for their management of the Strata Plan.
*$1,000. Bodily Injury Deductible shall be waived on the first bodily injury loss/claim if there is no prior bodily injury loss within 5 years from the effective date of the coverage term
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