Definition : Insurance - Appraisal report

Written opinion, generally issued by a Chartered Appraiser, to determine the replacement value of an immovable.This document is an integral part of the register of co-ownership and shall be made available to any co-owner upon request.

 WHAT YOU SHOULD KNOW!  As of April 15th, 2021, all syndicates of co-ownership have to insure the building at full “reconstruction cost”, as determined by a Chartered Appraiser.

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The law provides that a syndicate must keep a register at the disposal of the co-owners. Article 342 of the Civil Code of Quebec specifies that the board of directors keeps the list of members and the books and registers necessary for the proper functioning of the legal person. This register is the memory of the syndicate, and consequently, its archives. In is thus invaluable. Much more than a mere witness of the sound management of an immovable, it is its prime instrument. Therefore, preservation and access are the hallmarks of this register.  
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Question: We suffered water damage. Three apartments, including mine, were affected by the breakdown of a water heater. The co-ownership’s insurer refuses to compensate us completely, claiming that our syndicate has paid too low a premium compared to the true risk insured. More specifically, it appears that the directors took out inadequate insurance cover with a reference to a rule proportional to 80%. I do not understand that. Is the insurer right not to fully compensate us?
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When you want to buy a condo, there are important checks to do and documents to obtain. One of the main checks is to know the financial health of the syndicate. This information must be complete and transparent. If the co-ownership has been poorly managed, you could find yourself paying significant special contributions that could put you in a precarious situation. That is why we need to collect as much information as possible. Thus, you will limit the financial risks associated with your acquisition. In principle, the syndicate's board of directors.should provide relevant documentation and information on this subject.
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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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