Posted By : Malvern Condominium Property Management
Ontario drivers have responsibilities when operating a vehicle. In Ontario drivers are required to have vehicle insurance and are responsible to report accidents to the Police or at a Collision Reporting Centre when the damage is over $1000. Collisions on private property such as the condominium are no different. The police need to be notified if there are injures or damages in excess of $1000 or damages to private property, such as the garage door. It’s not uncommon for vehicle owners to try and avoid calling their insurance companies, as there may be a deductible cost or a rate increase.
Sometimes determining who is at fault is straight forward but sometimes it may not be so black and white. When it comes to insurance we have all heard the terms no-fault or at-fault. We commonly think of these when two vehicles are in an accident. What you may not be familiar with are conditions in the corporation’s declaration preventing or limiting the ability of a unit owner from obtaining compensation from the corporation or its directors. Most declarations contain indemnification clauses or waivers of subrogation. What is subrogation? Subrogation in simplified terms allows insurance companies to recoup accident costs from the at-fault insurer. Several condominium declarations include a “waiver of subrogation”. A waiver of subrogation is essentially an agreement that prevents the insurance company from acting on your behalf to recoup expenses from the at-fault party.
Sometimes determining who is at fault is straight forward but sometimes it may not be so black and white. When it comes to insurance we have all heard the terms no-fault or at-fault. We commonly think of these when two vehicles are in an accident. What you may not be familiar with are conditions in the corporation’s declaration preventing or limiting the ability of a unit owner from obtaining compensation from the corporation or its directors. Most declarations contain indemnification clauses or waivers of subrogation. What is subrogation? Subrogation in simplified terms allows insurance companies to recoup accident costs from the at-fault insurer. Several condominium declarations include a “waiver of subrogation”. A waiver of subrogation is essentially an agreement that prevents the insurance company from acting on your behalf to recoup expenses from the at-fault party.
Read more: Garage Door Damages “Who Pays”?
Related Article: 10 Helpful Tips for Buying a New Garage Door
Related Article: 10 Helpful Tips for Buying a New Garage Door
