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Amount of insurance coverage required to be subscribed by the syndicate of co-owners to provide for the reconstruction of the immovable in accordance with the standards, usage and best practices in force at the time of reconstruction. This amount includes, without limitation the fees paid out to the professionals involved, retrofitting, various permits and taxes, etc.
WARNING! The establishment of the "reconstruction cost" must be evaluated at least every five years by a Chartered Appraiser.
16/06/2024
The new provisions introduced by Bill 16 will bring about many changes regarding the contingency fund in a co-ownership. It will be mandatory to obtain a contingency fund study, which will establish the necessary amounts so that the fund is sufficient to cover the estimated cost of major repairs and…...
25/05/2024
The insurance premium is the amount that the insured must pay, either monthly or annually, to benefit from the coverage provided by the iinsurance policy in case of a loss. It is a cost associated with the maintenance, upkeep, and administration of the building. Although the co-ownership syndicate is responsible…...
27/04/2024
The law obliges syndicates of co-owners to insure their immovable; the majority of declarations of co-ownerships also have such requirement. This can be explained by the syndicate's main objective which consists to ensure the preservation of the immovable and its longevity; this is why the legislator has given to the syndicate an insurable interest and has made it…...
02/04/2024
Optimal management of a co-ownership (condominium) is rooted in the meticulous keeping of a register and so, in accordance with section 342 of the Civil Code of Québec; this register, partially accessible to co-owners, contains vital information for the proper functioning of the co-ownership such as the contact details of the co-owners as well…...
04/12/2023
When the sale concerns a fraction of a divided co-ownership of a residential immovable, the preliminary contract must be accompanied, at the time of its signature, by certain documents (such as forming with it an indivisible whole). This includes the information note on the essential characteristics of the project, whether…...
09/08/2022
October 3, 2021 - When it comes to determining the insurance premium based on the insurance value of a building (for insurance purposes), the broker or insurer will require his client to provide the cost of "reconstruction". Indeed, this premium is established according to the risks which are attributable to…...
05/03/2021
Le coût des matériaux de construction a augmenté considérablement depuis mars 2020, date du début d'une pandémie qui n'a pas dit son dernier mot. Cela pourrait jouer des tours à certains syndicats de copropriétaires, dont l'immeuble pourrait se retrouvé sous-assuré en cas de sinistre....
09/08/2022
Question: We suffered water damage. Three apartments, including mine, were affected by the breakdown of a water heater. The co-ownership’s insurer refuses to compensate us completely, claiming that our syndicate has paid too low a premium compared to the true risk insured. More specifically, it appears that the directors took out…...