Agreement on claims settlement of condominiums (Divided Co-Ownership)

To facilitate the settlement of claims involving condominiums (divided co-ownership), a situation which involves several insurers, IBC has drafted an Agreement to which insurers can adhere on a voluntary basis.

The Agreement has two separate components:

Indemnity sharing
This component establishes an order of priority for the payment of certain damages and related expenses in order to ensure a complete, efficient and harmonious settlement among the insurers, while respecting the rights of the insured. Insurers who are signatories to the Schedule Respecting Indemnity Sharing (Schedule) avoid the many difficulties encountered when settling claims affecting the private portions and common portions of condominium buildings.

Waiver of subrogation
This Agreement also offers insurers the possibility of waiving their right of subrogation against the insurers of other condominium owners and against their insureds. Note that this waiver does not apply to damage resulting from a criminal or intentional act or impact by a vehicle. Insurers who have waived subrogation avoid the delays and complications involved in recourse before the courts.

Signatories to the Agreement
An insurer may adhere fully to the Agreement and thus agrees to settle a claim according to the Schedule and the waiver of subrogation. An insurer may also adhere only to the Schedule of the Agreement.

Below is the list of signatories, by level of adherence:


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