What insurance information does an Ontario condo status certificate disclose?
A status certificate includes a statement that the corporation maintains the insurance required under the Condominium Act, 1998, or it discloses any known deficiencies in that coverage. The required insurance includes property insurance on the units and common elements for full replacement cost and comprehensive general liability insurance for the common elements.
The certificate may state that insurance is in place and provide basic coverage details. However, it does not typically include the full policy itself. To understand the exact coverage — including deductible amounts, exclusions, and whether your unit's specific finishes are covered at replacement cost — you or your lawyer may request a copy of the corporation's insurance certificate or summary.
Understanding the deductible is especially important. If the corporation carries a large deductible (tens of thousands of dollars is not uncommon), and a loss originates in your unit, the corporation can charge that deductible to you under the Act. Your own condo unit owner's insurance should cover this exposure.
Key takeaways
- The certificate confirms whether required insurance is in place or identifies deficiencies.
- Review the policy details including deductibles — not just the confirmation of coverage.
- A large corporate insurance deductible can become your personal expense if a loss originates in your unit.
- Carry your own condo unit owner's policy to cover gaps and potential deductible chargebacks.