Originally Posted by
msommers
Given the number of affected units, the board is more than likely going to be forced to go through insurance. You need to check your insurance paperwork to determine what the corporation's deductible is for water damage (flooding is commonly in there but I believe intended for overland, not within the building).
What would be ideal is less say your corporate deductible is 75,000. Overall the damage and restoration costs stay under that, and the home owner has insurance. Then that person's insurance would cover everything.
Otherwise if the damage is over 75,000, the person at fault's home insurance would pay the 75,000 deductible and the corporation would have to pay whatever is remaining above the 75,000.
As of last year, this is in the Condo Act and fucking sucks for anyone not at fault because repair costs are high.
We are going through this exact scenario in our building and I'm on the board so privy to what is all happening. We are also dealing with the person at fault who has ghosted us to pay the insurance deductible, and now in legal trying to get this waste of a person to pay.
I fucking hate condos.