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17/02/2024
While policyholders often fear fire and theft, it's actually water that takes center stage in terms of the number of claims and damages to co-ownerships. While water is a source of life, it also supports the growth of spores, fungi, and mold. Unfortunately, these fungi, delightful in a sauce, are not edible when growing on walls and are even harmful to the health of occupants, and what's more, they are excluded from insurance policies. This…...
01/10/2024
Recently, I was confronted with a situation that raises important questions regarding insurance in divided co-ownership. After a loss caused by torrential rains, a co-owner refused to allow the contractor designated by the insurer to intervene in their private portion, preferring to hire their own contractor. This case led me to reflect on several issues: Can the co-owner refuse the contractor proposed by the insurer or the syndicate of co-owners? What are the possible alternatives…...
26/04/2024
Insurance is certainly one of the budget items that causes the most teeth-gritting. On one hand, it's generally quite expensive; on the other, it's something that ideally remains unused in the distant background. That said, condominium syndicate insurance is—legally—mandatory, so people choose it as a necessary evil. Fortunately, advertisers flood us with insurance ads, so syndicates will have plenty of choices! Not so fast... While it's true that there are countless insurance ads, it's also…...
13/09/2023
Fire was always a threat to humans until they were able to domesticate it about 600,000 years ago. The use of this precious tool was then one of the major elements of human evolution. Giant leap in time: If condominiums in Quebec have existed since 1969, their growth was more marked in the 80s. Since a co-ownership could indeed resemble a standard apartment, it was chosen, at the time, to decorate several of these units with…...
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 the building and the premises, but also according to the cost of reconstruction. We obviously understand that after a disaster we have to rebuild the…...
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....
16/04/2023
The life of the co-ownership is not only of interest to its owners and occupants, but also to their insurers. This is all the more true since it is known to all that condominium disasters are numerous: water leak, water damages, vandalism, fire, etc. Let's go back to the basics of property insurance. The Syndicate is required to take out insurance covering the common portions, the private portions (excluding improvements made to them) and movable…...
10/09/2024
Managing a co-ownership involves many responsibilities, among which loss prevention is essential. Among the risks most feared by directors, co-owners, managers and insurers, water damage occupies a prominent place. Indeed, a water leak, if not detected in time, can cause considerable damage, both material and financial. In addition to repair costs, water damage can lead to interruptions in the daily lives of residents, disputes between the syndicate and the offending co-owners and a deterioration in the…...
09/08/2022
Your co-ownership is exposed to various risks, as an example, fires, water damages, theft and acts of vandalism, which are required to be insured against. When a loss occurs, the insurance of a co-ownership covers the building as well as the general liability of the syndicate of co-owners. For the syndicate, subscribing to this type of insurance is mandatory. The law and most Acts of co‑ownership require it. The insurance contract specifies the coverages offered,…...
12/10/2023
Collectively, we owned the old Champlain Bridge. We neglected it for years, pumped money into it to keep it afloat in its final days, and eventually had to shell out more than 4 billion to cross the same shore, using the same access routes. Can we draw a parallel to co-ownership? While it may seem logical to think that low co-ownership fees are an advantage and high co-ownership fees are a disadvantage for a buyer…...
