Definition : Self-Insurance Fund

Fund dedicated to the payment of various amounts that the syndicate of co-ownership is required to pay in relation with the insurance coverage of the co-ownership. It can without limitation be related to the amounts of the deductible, to the limits of insurance (maximum amount, exclusions, etc.) and to under insurance. It is the duty of the Board of Directors, after consultation with the General Meeting of the Co-owners, to fix the amounts to be paid into the self-insurance fund.

 

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November 1st 2016 - A condominium syndicate has the obligation to report its operations using the fund basis of accounting. The article 1071 of the Civil Code of Quebec imposes indeed the creation of a contingency fund. Every condominium has to set up accounts distinguishing the general fund for common operations, sometimes called the administration funds, and the contingency funds.
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