Definition : Insurance - Insurance contract

Contract by which the insurer (conditionally upon the payment of a premium) undertakes to pay to the policy holder (or a third party) an indemnity. This is the case when the insured is the victim of a loss. This contract is evidenced in a document called the insurance policy.

Related articles


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.
View more
The Law and the overwhelming majority of declarations of co-ownership require that syndicates of co-owners insure their building. This may seem surprising at first glance as the syndicate does not own the private portions nor the common portions. However, its object is to ensure the preservation and the longevity of the building and to manage and administer it diligently following the rules of the trade. This is why legislator have given to the syndicate an insurable interest and has made it compulsory that it subscribe building insurance.    
View more