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Healthy management of insurance indemnities in the event of a major loss

Trustee for insurance purposes

In the event of a major loss, the law stipulates that the insurance indemnity must be paid to a trustee to be used for the repair or reconstruction of the building, unless the syndicate decides to terminate the co-ownership.

As with any claim, the Board of Directors must first contact its insurer. When the claim qualifies as a major loss, the Board of Directors must also call a meeting to allow co-owners to decide whether they wish to terminate the co-ownership by the majority provided for by law. In general, this procedure is imposed by the declaration of co-ownership.

Thus, unless the co-owners decide to terminate the co-ownership, the syndicate must proceed with repairs or reconstruction, and grant any contracts to this end. It is then time for the syndicate to retain the services of a trustee, and the notaries of our firm can act in this capacity.

Fiduciaire aux fins d'assurances

When a notary on our team is mandated to act as trustee, he or she prepares and executes an agreement on the terms and conditions applicable to the receipt and disbursement of any insurance proceeds from his or her trust account.

More than that, we :

  • treat cases with the priority they deserve;
  • offer to invest your administered funds so that you can earn interest; and
  • encourage the use of technological processes to sign documents and pay amounts due.

For more information on our trustee services, or to obtain a detailed service offer, please contact Me Christine Lutfy or Me Louis Dumont

Would you like to contact us to discuss our insurance trustee services?

To find out more about De Grandpré Jolicoeur’s insurance trustee services, or to discuss your legal needs with a notary or lawyer, don’t hesitate to contact us.

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