Representation of an insurer in the context of deposit protection programs in Québec
Gascon is proud to represent a major North American insurance company in the implementation of its guarantees in Québec in accordance with the provisions of Act 16. This Act, which came into effect on January 10, 2020, is intended to recast the laws governing divided co-ownership in Québec and establishes a protection regime for deposits remitted to a builder or a developer for the purchase of a condominium unit.
As part of this mandate led by Me Audrey Robitaille, partner, Gascon provided advice to this insurer on the implications of these new legislative obligations and on the required adaptations of the insurer’s guarantees, in addition to preparing all the legal documentation and contract templates.
As part of this ongoing mandate, Gascon is also working to put in place the required guarantees by this insurer to grant such deposit protection facility for residential projects led by Québec developers.