Insurance
The Corporation carries insurance covering Crossbow Point property. A copy of the current insurance certificate is available to the unit owners. As with most insurance coverage, the Corporation’s insurance costs are influenced by our claims experience, and this is reflected in the Condominium’s budget and owner monthly fees.
Your personal condominium unit owner/tenant insurance policy
• As the Corporation’s insurance does not apply to improvements (above the base builder
specifications - e.g., hardwood flooring, granite counters, slate flooring) and the contents
of your titled property, you may wish to provide a copy to your insurance agent to assist
them in arranging appropriate coverage for your owner’s or tenant’s insurance, to cover
such items as appliances, furnishings, contents and general liability concerns.
• It is suggested that you review your individual insurance requirements with your insurance
agent to determine that you have adequately protected your personal interests.
• Although certain damage repair may be covered by the Corporation’s insurance, the unit
owner may be required to pay the deductible, which could be between $1,000 and $5,000.
Your personal insurance coverage may mitigate some or all of this deductible.
• You may want to consider loss-of-use insurance for the event of a major loss. In such a
situation insurance funds may be directed to reconstruction and condominium fees may
continue while your condominium is not habitable.
• Also refer to the Policy and Procedures Menu (Part One) – Absence from Property sub-
menu.
Water Damage
is the number one cause of insurance claims by condominiums, including Crossbow Point. To mitigate potential water damage and claims, please:
- Washing machine: do not leave unattended while operating
- Dishwasher: do not leave unattended while operating
- Fridge: if you have a water line attached to your fridge, these are prone to breakage, especially if the fridge is moved. Replace suspect and older water lines.
- Baseboard Heating: these water lines must contain a flow of water to keep from freezing during excessive cold conditions; your unit thermostat should never be lowered below 17 degrees centigrade
- Garbage Disposer: Never put grease into the disposer. After using the disposer, run water for at least 15 seconds to ensure that the waste line is flushed of debris.
Your personal condominium unit owner/tenant insurance policy
• As the Corporation’s insurance does not apply to improvements (above the base builder
specifications - e.g., hardwood flooring, granite counters, slate flooring) and the contents
of your titled property, you may wish to provide a copy to your insurance agent to assist
them in arranging appropriate coverage for your owner’s or tenant’s insurance, to cover
such items as appliances, furnishings, contents and general liability concerns.
• It is suggested that you review your individual insurance requirements with your insurance
agent to determine that you have adequately protected your personal interests.
• Although certain damage repair may be covered by the Corporation’s insurance, the unit
owner may be required to pay the deductible, which could be between $1,000 and $5,000.
Your personal insurance coverage may mitigate some or all of this deductible.
• You may want to consider loss-of-use insurance for the event of a major loss. In such a
situation insurance funds may be directed to reconstruction and condominium fees may
continue while your condominium is not habitable.
• Also refer to the Policy and Procedures Menu (Part One) – Absence from Property sub-
menu.
Water Damage
is the number one cause of insurance claims by condominiums, including Crossbow Point. To mitigate potential water damage and claims, please:
- Washing machine: do not leave unattended while operating
- Dishwasher: do not leave unattended while operating
- Fridge: if you have a water line attached to your fridge, these are prone to breakage, especially if the fridge is moved. Replace suspect and older water lines.
- Baseboard Heating: these water lines must contain a flow of water to keep from freezing during excessive cold conditions; your unit thermostat should never be lowered below 17 degrees centigrade
- Garbage Disposer: Never put grease into the disposer. After using the disposer, run water for at least 15 seconds to ensure that the waste line is flushed of debris.
