Classifying strata property as residential or commercial for insurance pool purposes
- Read more about Classifying strata property as residential or commercial for insurance pool purposes
- Add new comment
The ARPC (reinsurance pool) definition classifies a strata property as residential if 50% or more of the total floor area is residential. By that measure, our building should be residential. However, our insurer has classified the property as commercial because just over 20% of our lots are commercial, even though that space only accounts for about 18% of the total floor area. Other insurers seem to apply different criteria. Is there an official definition or industry standard that determines how to classify strata properties for insurance purposes?