Definition : Earthquake

Seismic tremors and abrupt deformations of the Earth's crust produced by the release of energy, when the Earth's tectonic plates start to move. In the Quebec-Ontario corridor, the risks of an earthquake occurring over the next 50 years range from 5% to 15%. These figures come from a report on financial institutions produced in 2015 by the Autorité des marchés financiers (Financial Markets Authority) (see page 14 of the document). The insurance contracts of the syndicate of co-owners rarely cover earthquakes. To benefit from such coverage, a syndicate will have to subscribe a specific rider. The purpose of this rider is to extend - for an increase in the premium - the insurance coverage to this type of risk.

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April 15, 2020 — The Government of Quebec published in the Official Gazette of Quebec, on April 15 2020, a regulation on divided co-ownership insurance, which clarifies the terms and dates of entry into force of some of the provisions introduced by Bill 141, in June 2018. This bill provided that six of the elements contained in it would be passed by government regulation. For the time being, only four are touched by this regulation.    
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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.  
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