Definition : Insurance - Insurable interest

The interest of the policy-holder in purchasing insurance against a risk that could affect property or a person and cause direct and immediate injury. Insurance of property in which the insured has no insurable interest is null. As an exception, the Civil Code of Québec provides that a syndicate of co-owners has an insurable interest in the entire immovable, including the private portions, even if the syndicate does not own the immovable.

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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.
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When you own an apartment in a co-ownership, you share the common portions, such as the roof, the lobby and the elevators in undivided ownership with the other owners. By the same token, you also share a portion of the liabilities attached to them.
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