Loss where the cost of the necessary work to bring the immovable back to standards means, theoretically, a cost in excess of the rebuilding value. The Court of Appeal, in a decision rendered in 2009, has limited this statement of principle and has suggested criteria to establish what constitutes a total loss. As it is, one of the mentioned criteria is not take into account, in the rebuilding cost, of components who are not damaged or unlikely to be damaged as a result of a loss.
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 main object is to ensure the preservation and the longevity of the building and to manage and administer it diligently following rules of the trade. This is why the legislator has given to the syndicate an insurable interest and has made it compulsory that it subscribe building insurance.