50(1)A corporation shall insure its liability to repair the units and common elements after damage resulting from fire and such other risks as may be specified by the declaration or the by-laws to the extent required by the declaration or by-laws and, for that purpose, the corporation has an insurable interest to the replacement value of the units and common elements.

50(2)The corporation shall submit proof of the insurance referred to in subsection (1) to the Director each year in accordance with the regulations.

50(3)Despite subsection (1), the Insurance Act and any other law relating to insurance, an owner may insure his or her unit in respect of any damage in an amount equal to the amount owing on a mortgage of the owner’s unit at the date of any loss referred to in the policy.

50(4)A payment by an insurer under a policy of insurance entered into under subsection (3) shall be made to the mortgagees in order of their priorities if the mortgagees, or any of them, require it, and the insurer is then entitled to an assignment of the mortgage or a partial interest in the mortgage to secure the amount paid.

50(5)A policy of insurance issued to a corporation under subsection (1) is not liable to be brought into contribution with any other policy of insurance except another policy issued on the same building under subsection (1).

50(6)A policy of insurance issued to an owner under subsection (3) is not liable to be brought into contribution with any other policy of insurance except another policy issued on the same unit under subsection (3).

50(7)Subsections (1) and (3) do not restrict the capacity of a person to insure other than as provided for in those subsections.