Condominium Unit Owners Form

Question 1

what is a condo unit

Answer 1

an individually owned unit within a multiple unit building or group of buildings

Question 2

who controls the bylaws and legal responsibilites in a condo corp

Answer 2

themselves, including legal responsibilities of directors and officers

Question 3

what is a standard or conventional condo unit

Answer 3

one located in a multi unit building

Question 4

what is a bare land condo unit

Answer 4

owner owns the lot on which the dwelling building/permanent structures may be built (or is already built)
-usually they are insured on a homeowners form with added coverage for common property if needed

Question 5

condo corp is responsible for insuring….

Answer 5

the ENTIRE building, including individual units and common property, but individual condo unit owners are responsible for insuring the contents in their own units, unit upgrades or improvements are not covered (huge gap in coverage!!!!)

Question 6

what coverages are included on condos? (of A B C D)

Answer 6

C and D
(no A or B because the building is already insured by condo corp)

Question 7

on a condo policy, where does the coverage come from for outdoor trees/shrubs if there is no Coverage A required?

Answer 7

coverage C, at 5%

Question 8

what are the 2 policy choices for condo owners?

Answer 8

-Basic (IBC 1167)
-Comprehensive (IBC 1165)

Question 9

what do both policy choices for condo owners include?

Answer 9

-C and D
-coverage is based on replacement cost value
-provide additional protection for unit owners with financial interest in the building

Question 10

what are the additional coverages for condo unit owners?

Answer 10

-U1: unit improvements and betterments
-U2: loss assessment (condo corps bylaws allow it to impose an assessment against each individual unit owner if their insurance policy is insufficient)
-U3: unit additional protection (condo corps insurance is inadequate or insufficient)