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.
An inescapable clause in most insurance policies, the deductible is an amount an insurer subtracts from the indemnities. The insured, in this case your syndicate of co-ownership, must then assume a portion of the cost of the building's repairs , from its working capital , or by the means of a special assessment (working capital call).
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.
A co-owner may be liable to the syndicate, the other co-owners and the occupants of the immovable. As stated in Article 1457 of the Civil Code of Québec, every person has a duty not to harm others. As a co-owner, you must be careful and abide to the appropriate rules of conduct in accordance with the context and circumstances. Otherwise, you engage your civil liability and are required to remedy (financially third parties for moral or property damage and personal injury.