149 Property Insurance Required For Strata Corporation

149 (1) The strata corporation must obtain and maintain property insurance on

(a) common property,
(b) common assets,
(c) buildings shown on the strata plan, and
(d) fixtures built or installed on a strata lot, if the fixtures are built or installed by the owner developer as part of the original construction on the strata lot.

(2) For the purposes of subsection (1)(d) and section 152(b), “fixtures” has the meaning set out in the regulations.
(3) Subsection (1)(d) does not apply to a bare land strata plan.
(4) The property insurance must

(a) be on the basis of full replacement value except in prescribed circumstances, if any, and
(b) insure against major perils, as set out in the regulations, and any other perils specified in the bylaws.

1998-43-149, effective July 1, 2000 (B.C. Reg. 43/2000); 2000-26-62; 2020-16-8, effective August 14, 2020.

REGULATIONS

The Strata Property Regulation, B.C. Reg. 43/2000, is included at chapter 59 (Strata Property Regulations).

“Fixtures”: Section 149(1)(d)

See s. 9.1(1) of the Strata Property Regulation for the definition of “fixtures” for the purpose of s. 149(1)(d) of the Act.

“Major Perils”: Section 149(4)(b)

See s. 9.1(2) of the Strata Property Regulation for the definition of “major perils” for the purpose of s. 149(4)(b) of the Act.