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Amounts of money required from the co-owners by the syndicate of co-owners to build up financial reserves (self-insurance fund) to be used in particular to pay the cost of the rehabilitation work of the building, resulting from a loss, which are not compensated by the insurer. This fund is based on the deductible that the syndicate of co-owners must pay in connection with the co-ownership's insurance coverage and a reasonable additional amount to cover other payments to which it is allocated. The financial contribution of the co-owners must equal to the higher deductible (section 2 of the rule) amongst all the insurance coverage subscribed to by a syndicate. Earthquake and flooding deductibles are excluded for the purpose of this calculation, should those coverage be part of the insurance contract.
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…...
01/01/2024
Dans cette capsule vidéo, l’avocat émérite Yves Joli-Coeur explique le concept du Fonds de prévoyance. Il rappelle qu’avec l’entrée en vigueur du Code civil du Québec, en 1994, le législateur québécois a introduit l’obligation, pour tout syndicat de copropriétaires, de se doter d’un « fonds de prévoyance ». Ce fonds…...
03/02/2022
3 février 2022 — Le Gouvernement du Québec a publié dans la Gazette officielle du Québec, le 2 février 2022, un projet de règlement modifiant le Règlement établissant diverses mesures en matière d’assurance des copropriétés divises. Ce projet de règlement modifie les modalités permettant d’établir la contribution minimale au fonds…...
09/08/2022
At our last annual co-owner's meeting, the board of directors informed us that it was going to take $10,000 from our contingency fund to set up a self-insurance fund. To justify their decision, the directors said that this will allow to avoid putting up a special assessment. Several co-owners seemed to…...