Compulsory insurance covering the syndicate and all the co-owners from the consequences of the civil liability of the co-ownership. It is a guarantee in the case of a loss caused by the immovable (for example, a slippery staircase and unsatisfactory snow removal of a sidewalk) or by a person in the service of the co-ownership (for example, a janitor and manager).
Your co-ownership is exposed to various risks, such as fire, water damage, theft and vandalism. When a loss occurs, the insurance of the co-ownership covers the immovable and the civil liability of the syndicate of co-owners.
The syndicate has the obligation to subscribe this type of insurance. The Law and the vast majority of declarations of co-ownership make it compulsory. The insurance contract describes the guarantees offered, their limits, exclusions, and the amounts of the deductibles.
Almost every insurance policy includes deductibles, in varying amounts according to the insured risk (e.g. fire and water damage). In co-ownerships, deductibles are a factor in the Building insurance, and in the third party liability insurance of the syndicate, directors, general meeting officers, co-ownership manager (gérant) and of the condo manager (gestionnaire). Regarding co-owner’s insurance, generally each home insurance policy contains one or more deductibles for various amounts according with the nature of the loss.
Like any moral or physical person, a syndicate of co-ownership may engage its civil liability. The Law and the vast majority of declarations of co-ownership require that every syndicate subscribe insurance covering its civil liability towards third parties.