INSURANCE LAW REFORM: DESCRIPTION OF PRIVATE PORTIONS

Bill 41 came into force on March 17, 2020. It creates a new obligation for any syndicate of co-owners formed before June 13, 2018 (the date of the publication of the declaration of co-ownership), namely the production and adoption, before June 13, 2020, of a description comprising one or more private reference parties.

However, some syndicates have neglected to do so. Nevertheless, there is still time (for them) to rectify this situation. Those who do not yet have this description of the private parties have a good interest in getting into it as soon as possible, otherwise the consequences could be severe, not only for a syndicate, but also for the civil liability of the directors.

Consult the practical sheet Who has to insure the improvements made to private portion? to learn more about this subject. 

 

Service Proposals for Co-Ownerships
 

To avoid confusion as to what is covered by the syndicate's insurance and what is covered by the co-owners' insurance, Therrien Couture Joli-Coeur offers to assist you in the process of establishing the description of the private portions. This fixed price service includes the following services:

  • Legal assessment relating to the building of co-ownership, in order to determine what constitutes private portions of the building;
  • Review of the Declaration of Co-ownership and the cadastral plan in order to establish the parts of the buildinig that are qualified as private portions;
  • Preparation and drafting of the resolutions of the meeting of co-owners to adopt the description(s) of the referenced private portions and an insurance by-law;
  • Supporting the board of directors, the manager or an external resource in the process of establishing the description(s) of the referenced private portions;
  • Preparation and drafting of the Notice of Meeting and other documents required for the convening of a general meeting in order to have the co-owners vote on the draft description(s) of the referenced private portions and an insurance by-law.

The Presence of Professionals 

It is sometimes helpful for professionals mandated by the syndicate to be present at the meeting. Therrien Couture Joli-Coeur’s professionals could accompany you. This service, which is in addition to the ones described above, makes it possible to explain the technical elements resulting from the reform of insurance law for divided co-ownership and to respond to the various questions of co-owners. Their presence will also help calm the debate.

 

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For more information: Me Émillie Séguin

Email: [email protected]

Phone: 450 462.8555 #3325   – 1.855.633.6326