IMPORTANT MEMORANDUM

Owners and Tenants

TO: DATE: October 30, 2019
EPS1617

FROM: Gaelan Porter, Insurance Manager

RE: Insurance Renewal – Insurance Deductible Increases

Dear Owners:

The Council has recently renewed your insurance coverage for EPS1617.

Please note that due to changes with the insurer’s minimum requirements, the deductibles for:
• Water Damage/Sewer Back-up will increase from $5,000 to $10,000

As such, we request that all Owners contact their insurance provider and advise of the above
changes to ensure they are fully covered and they have adequate personal insurance for their
unit. As the Strata Corporation can charge the cost of the deductible back to an Owner who is
responsible for the loss, it is strongly recommended that you ensure that you have personal
deductible coverage up to the highest deductible amount on the Strata’s policy.

Owners are once again reminded that the strata’s policy only covers the value of the original
fixtures installed within the strata lot by the Developer. Owners are required to insure their own
risk and maintain insurance on their contents, improvements and betterments, personal liability,
loss of rent/loss of use and importantly, an adequate condo deductible assessment and any
coverage for any special assessments (i.e. – an owner’s portion of the earthquake deductible).
Owners should consult an insurance broker to ensure that they have proper coverage.

Thank you in advance for your attention and cooperation in this matter.

200 Granville Street | Suite 700 | Vancouver, BC V6C 1S4

Tel 604.683.8900 | Fax 604.689.4829 | Toll Free 1.855.683.8900
www.fsresidential.com
 BFL CANADA Insurance Services Inc. Tel.: 604-669-9600
1177 West Hastings Street, Suite 200 Fax: 604-683-9316
Vancouver, British Columbia, V6E 2K3 Toll Free: 1-866-669-9602

SUMMARY OF COVERAGES

Named Insured The Owners, Strata Plan EPS1617, acting on their own behalf or as a Strata Corporation
&/or as Trustees or Agents on behalf of all Registered Unit Owners
Project Name PARC RIVIERA
Property Manager FirstService Residential BC Ltd. dba FirstService Residential
Policy Period August 15, 2019 to August 15, 2020
Policy Number BFL04EPS1617
Insured Location(s) 10033 River Drive, Richmond, BC V6X 0L1

INSURING AGREEMENT DEDUCTIBLE LIMIT

PROPERTY (Appraisal Date: August 15, 2019)

All Property, Blanket By-Laws. $20,670,000

130% Extended Replacement Cost $26,871,000
Property Extensions $5,000,000
Lock & Key $250 Included
Additional Living Expenses - $50,000 Per Unit Included
All Risks $2,500
Sewer Backup $10,000
Water Damage $10,000
Earthquake (Annual Aggregate not to exceed $ 26,871,000) 15%
Flood (Annual Aggregate not to exceed $ 26,871,000) $25,000
Gross Rents, 100% Co-Insurance, Indemnity Period (Months) :
N/A Not Covered
N/A

CRIME

Employee Dishonesty - Including Property Manager and Elected

Nil $1,000,000
Officer Theft
Broad Form Money and Securities Nil $10,000

COMMERCIAL GENERAL LIABILITY

Bodily Injury & Property Damage $500 $30,000,000

Non-Owned Automobile $500 $30,000,000
Sudden and Accidental Pollution $5,000 $1,000,000

CONDOMINIUM DIRECTORS & OFFICERS LIABILITY

Claims Made Form - Including Property Manager Nil $20,000,000

Privacy Event Expenses Nil $50,000
Cyber Liability Nil $50,000

BLANKET GLASS - Includes Lobby Glass

Residential $100 Blanket

Commercial $250
Canopy $500

E. & O.E.
 BFL CANADA Insurance Services Inc. Tel.: 604-669-9600
1177 West Hastings Street, Suite 200 Fax: 604-683-9316
Vancouver, British Columbia, V6E 2K3 Toll Free: 1-866-669-9602

INSURING AGREEMENT DEDUCTIBLE LIMIT

EQUIPMENT BREAKDOWN

Standard Comprehensive Form including Production Machines

$1,000 $20,670,000
and Electronic Equipment
- Deductible Waiver Endorsement with respect to losses
exceeding $25,000
24 Hour Waiting
Extra Expense – 100% available in first month $1,000,000
Period
- Additional Living Expenses Endorsement - Per Unit $25,000
Loss of Profits – Rents, Indemnity Period (Months): N/A N/A Not Covered

ENVIRONMENTAL LIABILITY

Each Incident Limit - Insuring Agreements A-G $10,000 $1,000,000

Business Interruption - Insuring Agreement H 5 Days $250,000
Policy Aggregate $5,000,000

VOLUNTEER ACCIDENT

Maximum Limit of Loss See Policy Wordings $1,000,000

LEGAL EXPENSES

Each Event Nil $1,000,000

Annual Aggregate. $5,000,000

TERRORISM

Per Occurrence. $1,000 $350,000

Annual Aggregate $350,000

Loss Payable
All Registered Unit Owners &/or other Mortgagees as their interest may appear and as shown in the Land Registration District Office
applicable to the said Property.
Additional Insured
All other Air Space Parcel Owners, Easement Agreement Parties & Remainder Owners as their interest may appear

This record sheet is intended for reference only. Please refer to your polic(ies) for complete details.

E. & O.E.