Co-ownership claim: specifics
If you suffer a loss in your condo unit, both your insurance policy and the condo corporation's policy will apply, whether it’s for a loss that affects several units, or only your unit.
Declaring a loss
Did you know that the condo corporation is legally obliged to declare any loss to its insurer, whether to the building’s common portions or private portions.
Note also that under Quebec’s Civil Code any “interested person” can declare a loss to the insurer. Thus, the co-owner is considered to be an interested person, since a loss to the building could have an impact on the value of his unit.
Consequently, a co-owner has the right to make a claim regarding a common or private portion and insurers must settle the claim, even if the corporation opposes it.
Make sure you read your declaration of co-ownership to find out what obligations you and the condominium syndicate have when it comes to insurance. In certain cases, co-owners are required to have specific coverage (i.e., a pre-determined liability amount, endorsement for sewer back-up, etc.)