I would expect that since an owners corporation (O/C) is a separate entity to the owners that comprise it, a loss to the O/C is distinct from a loss to an individual owners – the fact that the O/C no longer has that money to spend on the owner’s building does not mean the individual owner incurred a loss.
If I’m wrong, and the cascading damages effect described by pmo could really happen, leaving the executive committee (E/C) members personally holding the can for the entire cost of damages, then bye-bye committee — and good luck getting anyone else in the building to stand for office and put their personal finances at risk as well as all the other sacrifices E/C members make in time and effort….
Cheers
RL
* for clarity, names and acronyms tidied-up by Mod. (1305hrs).