Noce: Can condo board ditch water loss coverage to save on insurance?

Question 1:  I am on the board of our high-rise condominium building. The corporation’s insurance policy has come up for renewal. The quote on our new insurance policy is extremely expensive for our building. Our building has had a lot of water loss claims. To save costs, the board has decided to forego water loss coverage. Is this legal?

Read more: https://bit.ly/31Dsczo