Yes, the corporation has insurance on the common property, as well liability insurance for the Board.
The insurance certificate is sent annually to the owners within 30 days of renewal.
Contact the Treasurer if you need an additional copy.
In general, the corporations' insurance will not cover;
your own personal property, or
any improvements done to the unit beyond the "standard unit definition".
Additionally, if you, your tenants, or guests cause damage to the common property or another unit, you will be responsible for the cost of repairing the damage and/or the corporations' insurance deductible.
Please review the Condominium Property Act, Bylaws, and insurance certificate, and consult with your insurance broker, to determine the adequacy of your coverage.
The Standard Unit Definition is a document that describes what the corporations' insurance will cover. Essentially, it describes the "as built" condition of the units. This description is common to all units. Any upgrades done over the years are not listed in this document, and the corporations' insurance will not cover them, in event of loss.
The Standard Unit Definition is available in the forms and documents section of this website.