CPA · Condominium Property Regulation
Part 6 — Insurance
62.5 Insurance against fraudulent or dishonest acts
handles money belonging to the corporation.
(2) A corporation shall obtain one or more corporation insurance
policies that provide the corporation with coverage from a loss
directly caused by a fraudulent or dishonest act of a member of the
board or a manager, where the member of the board or manager
acts alone or in collusion with others with intent to
(a) cause a loss to the corporation, or
(b) improperly obtain a finan cial benefit for the member of
the board or the manager or another person.
(3) The amount of coverage under the insurance policies held by a
corporation under subsection (2) must be at least the sum of
(a) the reserve fund balan ce at the beginning of the
corporation's current fiscal year, and
(b) the balance of the operating account at the beginning of
the corporation's current fiscal year.
(4) A corporation shall review the amount of coverage for
insurance policies held under subsection (2) at least once every 2
years, and adjust it as necessary, to ensure that it complies with
subsection (3).
(5) Subsections (2) to (4) do not apply to a corporation if the
certificates of title to all of the units included in the condominium
plan are registered in the name of the same owner or the same
group of owners.
(6) This section applies to a corporation beginning at the time that
the first insurance policy is obtained or renewed by the corporation
under section 47 of the Act on or after January 1, 2020.
AR 154/2019 s26;23/2026