Condominium Owners Named Perils
This is the most basic type of policy you can buy.
You are insured against named perils, contents and betterments, and improvements. What named perils generally covers you for are:
- fire or lightning
- explosion
- smoke
- falling object
- impact by aircraft or land vehicle
- riot
- vandalism & malicious acts
- water damage
- windstorm or hail
- transportation
- theft
- collapse
- fuel leakage
- electricity
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Each one of these areas that are covered have certain restrictions and conditions applied to them.
Coverage limits with the Standard Policy are lower than with the Comprehensive Forms
Additional Coverage Normally Built into Condo Packages
Improvements and Betterments - these are normally covered at 25% of the contents limit you choose.
Unit Contingent Coverage -This coverage will pay for damage to your unit, excluding betterments and improvements, if the Condo Corporation has no insurance, its insurance is inadequate, or it is not effective.
Loss Assessment - Because you own a portion of this Condo Corporation you can be assessed through the Condominium Corporations Act a share in an uninsured loss that the Corporation suffers.
For all forms, you may "schedule" items such as jewellery, camera item, etc, for a stated value and pay a separate premium for this. They would then be insured for the full "scheduled" amount with no deductible being applicable in the event of a loss.
The above text is intended to be a brief overview only. For a detailed description of this type of package, refer to an actual policy wording or contact us at
customer-service@dodgson-insurance.com
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