Condos
Condos
Home Coverage
Home Coverage
Random
100
Designed to cover upgrades to a standard unit
What is Improvements and Betterments
100
A type of condo that is built and registered in stages. It is a single complex that keeps growing as additional units and common elements are added to it.
What is Phased Condominium
100
If, as a result of damage by an Insured Peril, your dwelling is unfit or occupancy or you have to move out while repairs of insured damage are being made, we insure any necessary increase in Living expenses, including moving expenses, incurred by you so that your household can maintain its normal standard of living. Payment shall be for the reasonable time required to repair or rebuild your dwelling or, if you permanently relocate, the reasonable time required for your household to settle elsewhere.
What is Additional Living Expenses
100
What is the maximum length a homeowners policy includes for a non motorized watercraft?
What is 26 feet
100
Occurs when the city or municipal drainage system overflows and sends water back through the pipes and into your home. Usually dirty water
What is Sewer Back Up
200
Name two type of common elements
What is Elevators, Fitness centre, hallways, party room
200
Whether high-rise or town-home, this is the traditional style of condominium, with units and common elements. Units can have “traditional” (i.e., inside of drywall) boundaries, or might include exterior components of the building and/or lands (i.e., “whole lot” boundaries.)
What is Standard Condo
200
the sum of the amounts shown on the Coverage Summary page for Dwelling Building, Additional Buildings, Personal Property and Loss of Use of Your Dwelling and this is the maximum amount we will pay for insured loss or damage in any one occurrence, unless stated otherwise. May be applied to any insured loss or damage to the property insured.
What is Single Limit
200
Cost of replacement less and depreciation
What is Actual Cash Value
200
Is defined as fresh water from rivers, lakes or water suddenly accumulated as a result of heavy rainfall. Flood refers to coastal flooding from salt water – such as from Tsunamis and tidal waves
What is Overland Water
300
What coverage can pay an additional 250% if coverage under unit of your share of a special assessment if: The assessment is valid under the condo corporations governing rules. It is made necessary by a direct loss to the collectively owned condominium property caused by an insured peril in this policy.
What is Liability Loss Assessment
300
A condo like a regular plan of subdivision. Most units are created as empty lots with homes or other structures to be built on after.
What is Vacant Land Condo
300
the additional cost of demolition, construction or repairs which is required to comply with any law regulating demolition, construction or repairs of the buildings for insured loss or damage
What is By-Laws Coverage
300
We will pay reasonable medical expenses incurred within one year of the date of the accident, if you unintentionally injure another person or if they are accidentally injured on your premises. This coverage is available even though you are not legally liable. Medical expenses include surgical, dental, hospital, nursing, ambulance service and funeral expenses. What is the name of this coverage?
What is Voluntary Medical Payments
300
Gore allows you to rent your cottage up to how many weeks free of charge?
What is 2 weeks
400
A Condo built on leased lands. The developer is not the owner of the lands, but has a lease that permits the condominium to be built. All the developer can “sell” is the right to lease the land. The condominium corporation is therefore a tenant, and rental payments to the actual owner of the lands are included in the common expense contributions paid by the “unit owners” of the condominium
What is a Leasehold Condo.
400
This type of condominium has no units. It consists solely of common elements. Rights and obligations toward the common elements are “tied” to other parcels of land that exist outside of the condominium. The owners of those “Parcels of Tied Land” pay the common expenses and own the common interest
What is a Common Elements Condo
400
A homeowners policy covers your home to be vacant for how many days?
What is 30 days
400
will pay for unintentional direct damage you cause to property even though you are not legally liable. You may also use this coverage to reimburse others for direct property damage caused intentionally by an Insured, 12 years of age or under. What is the name of this coverage?
What is Voluntary Payment for Damage to Property
400
Earthquake coverage is included in a comprehensive homeowners policy. True or false
What is False.
500
What are the four types of condos under the freehold registration?
What is Standard, Phased, Common Elements, and Vacant Land
500
The condo insurance policy under property has 3 sections. What are the 3 sections?
What is Unit, Improvements and Betterments, and Loss Assessment.
500
Once a company has paid a loss for which someone other than the policyholder is responsible, it may have the right to recover this loss from the guilty party. This right is called?
What is subrogation
500
Under a homeowners policy, you are covered for lawn mowers, snow blowers and garden type tractors of not more than how many horse power
What is 25 hp
500
With Gore, up to how many months can you rent your cottage before it is considered commercial?
What is 6 months
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