Recovery of Insurance Excess By-Law
$197.00
This by-law empowers an owners corporation to recoup the excess payable under its insurance policy from the owner at fault for an insurable event.
Description
This by-law empowers the Owners Corporation to recoup the excess payable under its insurance policy from any owner whose act, omission or negligence caused an insurable event. It sets out clear notice and payment procedures (including interest for late payments), allows fair apportionment where multiple owners share responsibility, and provides for recovery of unpaid amounts and associated costs through the courts.
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