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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.
26/09/2023
The Law and the overwhelming majority of declarations of co-ownership require that syndicates of co-owners insure their building. This may seem surprising at first glance as the syndicate does not own the private portions nor the common portions. However, its main object is to ensure the preservation and the longevity of the building…...
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…...
04/12/2021
Le fonds d'auto assurance deviendra obligatoire le 15 avril 2022, en vertu de l’adoption du projet de loi 141, en 2018. Dans cette capsule vidéo, l'avocat émérite Yves Joli-Coeur explique les détails. ...
09/08/2022
A syndicate of co-owners has the obligation to account for its operations by funds. The Civil Code of Québec requires the creation of a general fund, a contingency fund and in April 2022, the creation of the self-insurance fund. The creation of the early self-insurance fund is recommended. The general…...
11/06/2021
Le fonds d’auto assurance est affecté au paiement des franchises prévues par les assurances souscrites par le syndicat et d'un montant additionnel raisonnable Questions : Qu'est-ce qu'un montant additionnel raisonnable? Comment fait-on pour connaitre la somme additionnelle? On doit se fier sur quoi exactement pour définir la somme additionnelle?...
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…...
09/08/2022
Almost every insurance policy includes deductibles, in varying amounts according to the insured risk (e.g. fire and water damage). In co-ownerships, deductibles are a factor in the Building insurance, and in the third party liability insurance of the syndicate, directors, general meeting officers, co-ownership manager (gérant) and of the condo…...
06/07/2020
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…...
09/08/2022
After being victims of a loss, the members of the board of directors and the affected co-owners are often caught off guard. How will things unfold? There is no need to worry or panic, because in principle, once the notice of loss completed, various stakeholders get involved: the insurer of…...
09/08/2022
Preparing a forecast annual budget is an unavoidable task in co ownership. Its preparation, preliminary examination and adoption will ensure the proper functioning of the syndicate of co-owners. It is up to the Board of Directors to define its terms, in view of the expenses that will have to be paid…...
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09/08/2022
When you buy a unit in divided co-ownership, you do not only acquire an apartment. You also join a group of co-owners responsible for the accounts to be paid to maintain and preserve the building. It is therefore important to be careful and to check, upstream, the financial statements and…...