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A syndicate is responsible for taking out insurance on the building. Each co-owner is also required to take out an individual insurance policy.
What should insurance cover the building?
The syndicate has an insurable interest in the entire building (private and common sections). It is required by law to take out insurance covering the entire building, with the exception of the improvements made by each co-owner to his unit. This insurance must cover the usual risks, such as theft and fire (article 1073 C.c.Q.).
It is very important that the insurance taken out by the board of directors (including the provisional administrator) covers the replacement value of the building. The amount must be sufficient to cover, in addition to the cost of rebuilding, taxes (GST and QST), demolition and clearance costs, upgrades, etc.
What about collective liability insurance?
The syndicate must also take out liability insurance (section 1073 C.c.Q.).
What about directors' liability insurance?
The syndicate should also take out insurance that covers the liability of directors for acts performed in the course of their duties.
If you serve on the board of directors of your condominium or condominium corporation, additional liability insurance may be added to your policy. Talk to your Assurancia broker