Standard insurable unit descriptions

WE OFFER STANDARD INSURABLE UNIT DESCRIPTION SOLUTIONS

Standard insurable unit descriptions are now required under the Alberta Condominium Property Amendment Act.

The standard insurable unit description is a detailed outline of all the finishes and fixtures within a standard unit based on original construction. The purpose of a standard insurable unit description is to provide clarity for condominium boards and insurers as to what is covered under the corporation’s insurance following an insurable loss. 

What Is Included?

The outline should include the following fixtures and finishings:
  • floor coverings, wall coverings and ceiling coverings
  • electrical lines and fixtures, including lighting fixtures
  • plumbing lines and fixtures
  • natural gas lines and fixtures
  • fixtures with respect to air exchange and temperature control
  • walls that do not form the unit’s boundaries,
  • and any windows and doors located in those walls
  • cabinets and counter tops
  • non-chattel appliances

Exclusions:

  • any improvements made by an individual owner which is to be covered by the owner’s personal insurance

*Per the Alberta Government website.

Various Class Types

There could be more than one type of class in your corporation!

In a case where a developer used different finishes and fixtures in different units, it is possible for there to be more than one type of unit class. This would result in a corporation requiring a standard insurable unit description outline for multiple class types. For example, a phased development with both town homes and apartments could have at least two class types. Or a high rise building with penthouse suites might have two class types. This would not necessarily apply to different floor plans so long as the finishes are the same. 

A separate outline is required for each class type and each outline must state which units fall under which class. Normac can help you determine how many class types are present and create all necessary outlines. 

The SIUD Process

If a standard insurable unit description has not been provided to owners by a developer, the corporation may obtain one through a professional firm, like Normac.

Request + Approve Quote
Complete Questionnaire
Prepare Outline For Review
Approve or Revise Outline
Corporation Vote + Add to Bylaws
Register at Land Titles Office

We Can Help!

We are now offering complimentary standard insurable unit description outlines with the authorization of a new insurance appraisal program.

Normac has the expertise to help you create your standard insurable unit description outline as we have always accounted for standard units in our insurance appraisals. 

Until further notice, we are not currently conducting interior site inspections. (Read about our COVID-19 protocol.)  However, our professional team will help guide you through completing a comprehensive online questionnaire. You will receive access to our detailed glossary and our team will promptly respond to any questions. We will then collect and review the information and prepare the outline for delivery. The process is smooth and quick and the result is a professional SIUD outline that meets the new Condo Act requirements. 

Request your complimentary, no-obligation proposal today using our online form. But, if you’re not ready for a quote, you can either contact our client services team or learn more about insurance appraisals by clicking below.