Condo Association
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Business insurance
Insurance for condominium corporations
A syndicate is responsible for taking out insurance on the building. Each co-owner is also required to take out individual insurance.
What does building insurance cover?
The syndicate has an insurable interest in the entire building (private and common portions). He is required by law to take out insurance covering the entire building, with the exception of improvements made by each co-owner to his private portion. This insurance must cover the usual risks, such as theft and fire(art. 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. In addition to the cost of reconstruction, the amount must be sufficient to cover taxes (GST and QST), demolition and clearing costs, upgrades, etc.
What about group liability insurance?
The syndicate must also take out liability insurance(art. 1073 C.c.Q. ).
What about directors' liability insurance?
The syndicate should also take out insurance to cover the directors’ civil liability for acts performed in the course of their duties.
If you sit on the board of directors of your condominium corporation or association, additional liability coverage may be added to your policy.
Talk to your Assurancia broker