Definition : Insurance - Risk

An unforeseen occurrence, susceptible of causing either bodily injurymoral or material damage or a loss, against which one can subscribe insurance (for example: an accident, a fire, theft, a flood, etc.). Section 4 of the Regulation to establish various measures in matters of divided co-ownership insurance, published on April 15th, 2020 in the Quebec Official Gazette enumerates the list of risks which must be covered by the insurance subscribed by a co-ownership syndicate, unless one or more are expressly excluded by the insurance contract or a covenant. The risks covered include theft, fire, lightning, hail, explosion or vandalism. Water damage must also be covered. These are defined as « water leak damage, sewer backup and overflows from appliances connected to water distribution piping within the building ».

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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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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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