Definition : Risk

An unforeseen occurrence, susceptible of causing either bodily injury, moral or material damage or a loss, against which one can subscribe insurance (for example: an accident, a fire, theft, a flood, etc.). Section 4 of the Regulation to establish various measures in matters of divided co-ownership insurance provides an exhaustive list of risks that are “automatically covered” under a property insurance policy taken out by a syndicate of co-owners pursuant to the third paragraph of article 1073 of the Civil Code of Québec, unless the policy or an endorsement expressly and conspicuously states that such risk is excluded. The risks covered include theft, fire, lightning, storms, hail, explosions, sewer backup and overflows from appliances connected to water distribution piping in the building, strikes, riots or civil disturbances, the impact of an aircraft or vehicle as well as vandalism or malicious acts. 

WARNING !​ The deductible applicable to damages caused by an earthquake or a flood does not have to be taken into account when establishing the contribution to the self-insurance fund, even if such coverages are included in the syndicate’s insurance policy. However, the syndicate retains the discretion to take them into account, without being required to do so.