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Seismic tremors and abrupt deformations of the Earth's crust produced by the release of energy, when the Earth's tectonic plates start to move. In the Quebec-Ontario corridor, the risks of an earthquake occurring over the next 50 years range from 5% to 15%. These figures come from a report on financial institutions produced in 2015 by the Autorité des marchés financiers (Financial Markets Authority) (see page 14 of the document). The insurance contracts of the syndicate of co-owners rarely cover earthquakes. To benefit from such coverage, a syndicate will have to subscribe a specific rider. The purpose of this rider is to extend - for an increase in the premium - the insurance coverage to this type of risk.
WHAT YOU SHOULD KNOW! The minimum contribution of the co-owners to the self-insurance fund does not have to take into account the deductibles for earthquakes and floods, if these protections are part of the insurance contract.
02/09/2024
The earthquake that occurred on September 1, 2024, with an estimated magnitude of 4.6 and an epicenter in Pierreville, has starkly reminded us of the importance of adequate insurance coverage for condominiums in the event of earthquakes. This event, felt from Quebec City to Montreal, highlighted the vulnerability of condominiums…...
21/05/2024
Syndicates of co-owners must set up a liquid and available short-term Self-Insurance Fund. The purpose of this fund is to anticipate and finance, in particular, expenses relating to the carrying out of future work following a disaster. This fund, mandatory under article 1071.1 of the Civil Code of Quebec, became…...
04/07/2023
No one on earth is now old enough to have experienced the great San Francisco earthquake of 1906, the oldest woman of humanity having been born in 1907. Nevertheless, this great earthquake has marked history, minds and ... insurance....
03/12/2018
3 décembre 2018 — Un tremblement de terre d’une magnitude de 7,0 sur l’échelle de Richter a sévi près d’Anchorage, en Alaska, le 30 novembre dernier. Les Canadiens qui vivent dans d’autres provinces au pays, dont le Québec, ne sont donc pas à l’abri d’une catastrophe similaire....