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BILL 141 - CERTIFIED INSURABLE VALUE
Bill 141 requires condominium owners to have the reconstruction cost of their building assessed by a Chartered Appraiser member of the Ordre des Évaluateurs (OEAQ) every five years.
This legal obligation is intended to ensure adequate insurance coverage and to protect co-owners in the event of a major loss.
This law applies to residential, commercial and industrial buildings.
COST OF RECONSTRUCTION TO NEW - BILL 141
The insurance must cover common and private parts, excluding improvements made by the current or previous owners, which will have to be covered by individual insurance.
In order to identify what is covered by the syndicate and what should be covered by the co-owners through their individual insurance, it is necessary to establish a reference unit.
A reference unit is an inventory summarizing the finishing elements of a typical condominium at the construction of the building.
Our Chartered Appraisers are qualified to provide reconstruction cost reports (insurable values) in order to meet the requirements of Bill 141 for insurance.
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