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Clause of the insurance contract according to which the insurer institutes, in the event of a partial loss, a level of tolerance in favour of the insured, which will not be penalized if the actual reconstruction cost of the insured property is greater than that declared at the time of the underwriting (under insurance situation).This clause is expressed in a percentage that may vary from insurance coverage to another, but usually fluctuates between 80% and 90%, depending on the coverage in the insurance policy. In the absence of such a clause, or where the amount of insurance declared is less than the minimum amount corresponding to the percentage mentioned in the stated amount co-insurance clause, the insurer could apply section 2493 Civil Code of Quebec, which imposes a 100% proportionnal rule.
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…...
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…...