With the implementation of Bill 141, Quebec's Civil Code has undergone significant changes in regards to condominium insurance. On April 15, 2021, the amendment to Article 1073, introduced by Bill 141, outlined measures provided in the Regulation on Insurance for Divided Co-ownerships (Decree 442-2020). As a condominium owner or manager, it is essential to understand these changes brought forth by Bill 141...
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.
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.