If you own a divided co-ownership property in Quebec, it's important to understand the recent amendments to the Civil Code of Québec regarding insurance obligations. The changes require co-owners to take out liability insurance, specify the rules for self-insurance funds, and establish new duties for compensation and claims in the event of property damage. In this article, we'll provide a summary of the key changes and their implications for co-owners and insurance companies.
Bill 141: The Importance of Mandatory Property Evaluations in Co-Ownership
As of April 15, 2021, the Civil Code of Québec has been amended by Bill 141 with respect to divided co-ownership insurance. One of the key measures of this law requires a mandatory evaluation of the property by a certified appraiser every five years.