Insurance Ramifications For Strata Corporations With Commercial Units
A recent news story generated a fair bit of “buzz” in the Strata community, as a downtown Vancouver Strata Corporation found itself without insurance after a marijuana dispensary set up shop in one of the commercial units in the ground floor of the building. As mixed-use facilities are becoming more and more common, it is more important than ever for Strata Corporations to ensure they have sound bylaws with respect to the use of Commercial Strata Lots in order to restrict activities that the community would find unwelcome. In particular, certain types of commercial uses may have negative consequences on the insurability of your Strata Corporation. We encourage all mixed-use Strata Corporations to consider seeking legal advice on potential amendments to the bylaws and giving serious consideration to the types of activities you would like occuring in your community.
To set some minds at ease, we are pleased to advise that the Strata Corporation in question was insured by an insurer other than one of the main providers in the Lower Mainland.