What is the difference between the Master Policy and Personal Insurance?
The Corporation’s Master Insurance Policy is designed to protect the property of the Corporation and not the personal property of each shareholder. Coverage under the building’s plan includes structural repairs, construction, etc. as per the original plans and specifications. For example, in a case of a fire, the Master Policy would cover the construction cost to return the apartment as it was at the time of conversion to a housing corporation. This would include replacement appliances that were in the apartment in 1982, the parquet floor tiles, etc. In addition, the Corporation’s policy is designed to protect owners against liability claims arising from membership in the association. For instance, if somebody slips and falls in a common area, the master policy will indemnify and defend all owners against a liability claim for bodily injury. Owners need to purchase their own personal insurance for protection in cases where accidents or damage is reported within someone’s apartment. Ind
