Reconstruction Assessment - Bill 141
Reconstruction Assessment - Bill 141
Reconstruction Assessment - Bill 141
Reconstruction Assessment - Bill 141
Reconstruction Assessment - Bill 141
Reconstruction Assessment - Bill 141
THE RECONSTRUCTION ASSESSMENT
Bill 141, enacted on June 13, 2018, introduced significant amendments to the Civil Code of Québec regarding divided co-ownership insurance.
A complementary regulation was implemented on April 15, 2020 to clarify the conditions and dates of application of some of these new provisions.
These changes include the establishment of a self-insurance fund, the obligation for co-owners to take out civil liability insurance, the implementation of reference units and the evaluation of reconstruction.
Key changes brought about by Bill 141:
These recent provisions focus on consolidating the financial and legal security of co-owners through the establishment of strict rules, namely:
- Self-insurance fund: it is imperative that each syndicate establish a fund to cover deductibles in the event of a claim.
- Civil liability insurance: compulsory individual subscription to cover any damage inflicted on others.
- Reference units: implementation of standardized standards to facilitate the calculation of the value of insurable property.
- Periodic evaluation of the total cost of rebuilding the building, thus ensuring adequate protection. (Reconstruction Assessment)
Optimization of condo insurance under Bill 141:
At Planibâtimat, we can help you navigate through these new requirements:
- Reference Units : We’ll help you understand what reference units are and how they’re used to determine the insurance coverage needed.
- Reconstruction value : We will help you properly assess the reconstruction value of your condo to ensure that you are properly covered in the event of a major loss.
Planibâtimat delivers a rigorous, complete report carried out by a certified member appraiser
of OEAQ, in accordance with Law 141. Planibâtimat ensures you a fast and courteous service.
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Why is it crucial to regularly assess replacement cost?
A reconstruction assessment ensures that the building benefits from appropriate insurance in the event of a major disaster… Otherwise, the co-owners risk significant financial losses.
By calling on Planibâtimat’s professional services, you will benefit from a meticulous estimate that complies with the legal requirements set by Bill 141. This expertise is conducted by our certified specialists belonging to the Ordre des évaluateurs agréés du Québec (OEAQ). The reconstruction assessment report provided will include:
- Current costs related to a potential rebuild; This includes both inflation and contemporary building standards.
- A precise analysis of the architectural characteristics and materials specific to your building.
- Sound advice to optimize your insurance policy.
Bill 141 introduced significant amendments to the Civil Code of Québec, including the establishment of a self-insurance fund, the obligation for co-owners to take out civil liability insurance, the establishment of reference units and the assessment of the reconstruction value.
The self-insurance fund is a provision introduced by Bill 141 that aims to ensure adequate financial protection for divided condominiums in the event of a major loss, by allowing co-owners to contribute to a common fund to cover the costs of repair or reconstruction.
Reference units are measurements used to determine the insurance coverage needed for a condominium divided based on its size, features, and amenities. They are calculated according to specific criteria defined by law and may vary from one condominium to another.
To properly assess the reconstruction value of a condominium, it is recommended to use qualified professionals, such as real estate appraisers or insurance adjusters, who can take into account various factors such as the cost of construction, the materials used, and the regulations in force.
Planibâtimat offers personalized advice and insurance solutions tailored to the specific needs of condo owners, including helping to understand the requirements of Bill 141 such as reference units and reconstruction value, and offering assistance in evaluating and optimizing the necessary insurance coverage.
