Definition : Insurance - Insurance premium

Amount to be paid by the insured to benefit from the coverages described in the insurance policy.

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Almost every insurance policy includes deductibles, in varying amounts according to the insured risk (e.g. fire and water damage). In co-ownerships, deductibles are a factor in the Building insurance, and in the third party liability insurance of the syndicate, directors, general meeting officers, co-ownership manager (gérant) and of the condo manager (gestionnaire). Regarding co-owner’s insurance, generally each home insurance policy contains one or more deductibles for various amounts according with the nature of the loss.  
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  The insurance premiums are the amount paid by the insured monthly or annually to benefit in the event of a claim from the guarantees in the insurance policy. It is an expense towards the preservation, maintenance and administration of the immovable. Although the syndicate assumes this cost, it is charged back to the co-owners as a portion of their common expenses (condo fees).
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The additional premium is a premium that is added to the existing premium. It results from a worsening of the risk or from the assumption of a new risk. This additional premium may be imposed during the course of a contract or upon its renewal. Risks are analyzed according to scales that are specific to each insurer. Ultimately, the syndicate will pay this additional premium, which will be charged to all of the co-owners through the common expenses (condo fees) or, at times, some of them.
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Water damage is the leading cause of loss in co-ownership. It is more and more costly, for syndicates and their insurers. In the last ten years, occurrences of water damages have more than doubled. Lack of maintenance, sub-standard construction and climate changes are the main culprits.  In most cases water damage affects equally common and private portions, thus it is one of the most complex loss to adjust.
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2 avril 2019 — Une collectivité de copropriétaires d’Ottawa doit faire face à une explosion du coût de ses assurances, qui a presque atteint les 730 %. Ce taux astronomique découle du passage d’une tornade, en septembre, qui a endommagé certaines des 110 maisons de ville qui se trouvent dans ce complexe résidentiel.
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