Definition : Insurance - Liability insurance of Directors

Insurance covering the directors of the syndicate in relation with the consequences of their liability as directors, more particularly on account of damages caused to third parties as a consequence of faults committed in the execution of their duties for the syndicate. It is subscribed by the syndicate and the premium related thereto is a common expense.

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Un sondage commandé par le Bureau d'assurance du Canada révèle que bien des copropriétaires connaissent mal l'assurance condo. Ils ont pourtant intérêt à en maîtrisee les bases, sous peine de possiblement vivre des surprises colossales. 
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La loi oblige tout syndicat de copropriétaires à déclarer un sinistre, bien qu'il puisse ne pas réclamer d'indemnités. Ne pas déclarer un sinistre peut entraîner de graves conséquences.
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Être administrateur de copropriété n'est certes pas toujours facile. Cette charge est lourde de responsabilités et comporte des hauts et des bas. Mais l'important, c'est qu'à la fin de son mandat, tout administrateur ait le sentiment du devoir accompli.
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Les sinistres qui proviennent d'une unité, au sein d'une copropriété, obligent bien souvent un syndicat à payer la franchise pour faire réparer les dommages occasionnés. Lorsque l'assureur du copropriétaire ne veut pas rembourser cette franchise, un syndicat peut intenter une procédure judiciaire. Cette webradio explique comment s'y prendre.
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L'assurance du syndicat comporte plusieurs volets, dont celle des administrateurs et des officiers d'assemblée. Cette vidéo fait le tour des différentes couvertures propres à ce type d'assurance.
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Your co-ownership is exposed to various risks, such as fire, water damage, theft and vandalism. When a loss occurs, the insurance of the co-ownership covers the immovable and the civil liability of the syndicate of co-owners. The syndicate has the obligation to subscribe this type of insurance. The Law and the vast majority of declarations of co-ownership make it compulsory. The insurance contract describes the guarantees offered, their limits, exclusions, and the amounts of the deductibles.    
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The director plays a leading role in a co-ownership. As a mandatary of the syndicate of co-owners, he ensures the smooth running of the immovable’s day to day business, which implies a working knowledge of the tasks related to this key function. As such, directors must act with prudence, diligence, honesty and loyalty, and never lose sight of the co-owners community interests. The civil liability of the directors with regard to the tasks incumbent upon them is largely ignored. Thousands of Quebeckers who sit annually on a board of directors, maybe including yourself, are unaware of this state of affairs.  
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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 director of the syndicate plays a strategic role within the immovable. Usually appointed by the Meeting of the co-owners, he is a member of the Board of Directors of the syndicate. Its duties are to make decisions on the directions and priorities of the Syndicate. Such Decisions are without limitation for the purpose of the preservation of the immovable and also the management and maintenance of common portions. Moreover, he is responsible for protecting the rights of the immovable or the syndicate. In that regard, he must ensure the respect of the declaration of co-ownership by the co-owners, the lessees and the occupants of the building. The Civil Code of Quebec and the constituting act can also impose duties, obligations and responsibilities to the director.
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The civil liability of a director for the tasks incumbent upon him is largely unrecognised. It should be noted that failure to act with prudence, diligence, honesty and loyalty in the performance of his duties may engage his personal liability. A director must always keep in mind the interest of the co-owners' community. Thousands of Quebecers who sit on an annual basis on a Board of Directors, such as yourself perhaps, are unaware of this reality.
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