Finally, a unique program made exclusively for condo owners!
Here you will find all of the information to meet your questions related to managing the insurance needs of your condominium.
Liability insurance relating to the building
Condominium owners are obligated, by law, to take out a liability insurance policy. The latter is necessary because the ownership union is responsible for all damages caused to the co-proprietorship directly or by a design flaw, construction, or poor maintenance by either party.
As with all liability insurance, this insurance covers policy holder’s defense costs and compensation for victims of damage. If found to be liable, this policy covers former administrators as well.
Liability insurance relating to administrators and managers
While applying the general «prudence and diligence» principles, it is critical that administrative members take out a liability insurance policy for administrators and managers; this will allow for personally insuring all members in the case of financial damages caused by decisions they have made relating to the building.
Insurance relating to the condo unit
For his part, the condo unit owner is covered by his condo insurance policy (co-proprietorship homeowner) for personal liability, which is practical for every-day living. For example, a fire caused by forgetting to turn off the stove, or forgetting to turn off the faucet causing a leak in the downstairs neighbors’ unit, is all covered.
The perfect administrative guide for co-proprietorships
To further facilitate building administrators’ matters, Lussier Dale Parizeau offers an extended guide containing all documents relating to managing a co-proprietorship. This guide will allow for facilitating the efforts of co-proprietors who have taken it upon themselves to manage the building, even without previous and extensive knowledge of doing so. You can consult the guide here or obtain a hard copy by requesting a quote for your co-proprietorship union.