Many business owners are starting to explore alternative commercial real estate options for their businesses from shared workspace like Regus, WeWork and other alternatives to commercial leasing like purchasing and converting space to meet specific needs to purchasing a commercial condominium unit from which they can operate their business and build equity at the same time. Whether you are on the board of directors for a commercial condominium corporation or own a unit it’s important to be informed about some of the important differences between commercial condominiums and commercial properties. One area of important difference is how insurance for a commercial condominium corporation or unit in Canada works.
What You Need To Know About Insurance For A Commercial Condominium Corporation Or Unit In Canada
There are something to know about insurance for a commercial condo corp in Canada including:
- The commercial condo corp and commercial condominium unit owners buy insurance separately.
- Directors insurance is strongly encouraged for the board of directors of the commercial condominium corporation to protect them from claims from unitholders and others.
- Insurance for a commercial condominium corporation is a specialized product within the commercial insurance marketplace
- Common elements and the building itself are covered by the insurance for a commercial condominium corporation and unit owners just buy insurance on their contents
- A big part of pricing insurance for a commercial condominium corporation or unit in Canada is based on the financial stability of the condo corp.