Insurance Premiums, Deductibles and Status Certificates
As mentioned in a recent blog, we are seeing rising insurance premiums and deductibles for many condominium corporations. What does this mean for your status certificates?
Depending upon your particular circumstances, you may end up concluding that insurance premiums and deductibles (for the corporation) may perhaps increase beyond inflation.
If so, this could perhaps result in an increase in common expenses (beyond inflation) – in which case it is something that should perhaps be mentioned in Paragraph 12 of your status certificates. If so, you could consider wording along the following lines:
[12. The corporation has no knowledge of any circumstances that may result in an increase in the common expense for the unit, except:]
We’ve learned that our insurance premiums and/or deductibles may increase beyond inflation in the next fiscal year. If so, this could result in an increase in common expenses (beyond inflation).
Stay tuned to Condo Law News to keep up to date on the latest developments in condominium law!