Insurance covering many usual risks. In co-ownership, they could be theft, fire and water damage. However, it covers only the risks defined and within the limitations and conditions stipulated in the insurance policy and its riders.
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).
February 11, 2017 - On November 11, 2016, Honorable Pierre-A. Gagnon, c.q j., rendered an interesting decision on insurance matters. Although his decision is not strictly related to co-ownership, it could be an eye opening example for several co-owners or syndicates. Here is the situation.
The owners of a home purchased home insurance under a “standard” "multi-risk" policy. The policy took effect on November 30, 2007 for a period of two years. It was renewed four times.