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April 05, 2016 Mario D. Deo

Beware of hidden obligations to purchase insurance

Toronto and GTA condominiums need to be vigilant when signing contracts for services. There are literally hundreds of issues that may arise in contract, but this blog is about the obligation in various contracts that oblige the condominium corporation the obligation to purchase insurance. For example, elevator and equipment lease contracts frequently require the condominium corporation to obtain insurance. Generally speaking, no contract should be signed without obtaining the proper legal and other professional advice. Specifically, however, in the case of contracts that oblige the condominium corporation to purchase insurance, these contracts should never be signed until the condominium corporation actually confirms, in writing, with its insurer, that the insurance required by the contract can be purchased.

Mario D. Deo

Mario D. Deo Partner

B.A., LL.B.

mdeo@finedeo.com
905.760.1800 x225
905.760.0050

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