Definition : Self-Insurance Fund

Fund dedicated to the payment of the deductible that the syndicate of co-owners is required to pay in relation with the insurance coverage of the co-ownership. This fund is also dedicated to the repair of the damage caused to property in which the syndicate has an insurable interest, when the contingency fund  or an insurance indemnity can not provide for it (e.g. in the case of a insurance limit, underinsurance or of an exclusions etc.). It is the duty of the Board of Directors, after consultation with the General Meeting of the Co-owners, to fix the amounts to be paid into the self-insurance fund.

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