Insurance

Chronicles

10 Articles

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17/02/2024

10 tips to avoid water damage claims

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…...

Insurance
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12/10/2023

The trap of low co-ownership fees

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…...

Insurance
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12/09/2023

Condos: wood fireplace or Stingray fireplace?

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…...

Insurance

14/08/2023

Smoke on the Water

The smoke clears, the air cools. The hot summer of 2023 will soon be behind us, and the boreal forest is not complaining. At the time of writing, an area a hundred times larger than the annual average in Quebec was devastated by the historic fires of the summer of 2023. Even though many people's vacations were quite wet, fires are still raging in many places in Quebec, Canada, and around the world....

Insurance

04/07/2023

Earthquake insurance, from yesterday to today

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....

Insurance

16/04/2023

Notice of loss: What is the situation?

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…...

Insurance

05/11/2021

Can your condo catch Covid?

November 10, 2021 - It's well known, Covid has been blamed for a lot. Your favorite restaurant is now closed three days a week? It's because of Covid. There's a two-hour wait to talk to a representative at a call center? It's because of Covid. Is there a chlorine shortage for the pool? It's Covid's fault. Hurry up and buy your winter tires, Christmas toys, and storage cabinet because all of this might soon be…...

Insurance

03/11/2021

What exactly is insurance value?

November 3, 2021— It is clear that confusion still persists today with the concepts of market value and insurance value. Indeed, many people and stakeholders in the real estate field do not distinguish between these two values, as well as between the concepts of replacement cost and reproduction cost, or even between the cost of new construction and the cost of reconstruction. But, first of all, how to distinguish the market value from the insurance…...

Insurance

09/08/2022

Cost of new construction or reconstruction: what is it?

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…...

Insurance

09/08/2022

The Independent Claims Adjuster: an ally for any syndicate of co-owners

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,…...

Insurance