Article 1073 CCQ - Syndicate insurance
Article 1073 gives the syndicate an insurable interest in the whole immovable, including the private portions, and requires it to take out, providing for a reasonable deductible, insurance against ordinary risks covering the whole immovable, except improvements made by a co-owner to their portion. The amount insured must correspond to the reconstruction value, re-evaluated at least every five years.
What it means for your syndicate
The syndicate must also carry civil liability insurance, covering in particular the directors, the manager and the officers of the meeting.
The re-evaluation of the reconstruction value, at least every five years, must be done by a member of a designated professional order: this is a reserved act CondoAide does not produce.
Improvements a co-owner makes to their private portion, where they can be told apart from the description of that portion, are excluded: the co-owner insures them. If the syndicate pays for their repair anyway, reimbursement rests on an agreement with the co-owner, unless the co-owner is liable for the damage (art. 1074.2).
This regime comes from Bill 141 (2018). CondoAide keeps insurance contracts and certificates, and the evaluations received, in the register.
Manage your co-ownership with confidence
CondoAide helps self-managed Quebec syndicates keep their register, finances and meetings aligned with the Civil Code.