Condominium Insurance Trustee

  • The functions of the Insurance Trustee under an Insurance Trustee Agreement and the Bylaws include:
    • Receiving the insurance proceeds
    • Creating and holding the bank accounts to deposit the insurance proceeds and to pay the bills as they occur during the rebuild or dissolution, as appropriate.
    • Creating and maintaining the accounting records sufficient to inform the Condominium Corporation of the funds as they arise and are dispersed.
    • Receiving and reviewing the Insurance Certificates and supporting documents to ensure they comply with the IT Agreement, which requires working with the insurance adjuster, Condominium Corporation, its legal counsel, the Quantitative Surveyor, and contractors to facilitate the receipt of funds, appropriate deposit of same, disbursement of funds to contractors through cheques or electronic transfers in a timely way.
    • Determining when funds received will be insufficient to pay the approved invoices, and if so, informing the Condominium Corporation and soliciting directions on partial payments.
    • Determining if the Court should give directions where funds received are insufficient to pay the invoices.
    • Determining when to obtain independent advice on settling the loss arising from the damage.
    • Making decisions required under the Insurance Trust Agreement and bylaws.
    • If the Condominium Corporation terminates under the Act, to disperse the insurance proceeds according to the Bylaws.
    • Providing recommendations to the board when requested about repairs or payments.
    • Making decisions on matters related to the repairs or payments where the board has a dispute.

HCI is not a trust company in Alberta.

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