Reconstruction Assessment - Bill 141

Reconstruction Assessment - Bill 141

Reconstruction Assessment - Bill 141

Reconstruction Assessment - Bill 141

Reconstruction Assessment - Bill 141

Reconstruction Assessment - Bill 141

RECONSTRUCTION ASSESSMENT WITH PLANIBÂTIMAT

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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 requirement for co-owners to take out liability insurance, the introduction of reference units and the assessment of the reconstruction value.

Optimization of condo insurance under Bill 141:

At Planibâtimat, we can help you navigate through these new requirements:

  1. Reference Units : We’ll help you understand what reference units are and how they’re used to determine the insurance coverage needed.
  2. 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.

At Planibâtimat, our goal is to help you effectively understand and navigate through the implications of Bill 141, by providing you with personalized advice and insurance solutions tailored to your specific needs.

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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.