In force: 2022-04-15
1071.1. The syndicate establishes a self-insurance fund which is liquid and available on short notice. The syndicate is the owner of the fund.
The self-insurance fund is to be used to pay the deductibles provided for by the insurance taken out by the syndicate.
It is also to be used to make reparation for injury caused to property in which the syndicate has an insurable interest, where the contingency fund or an insurance indemnity cannot provide for such reparation.
The self-insurance fund is established on the basis of those deductibles and a reasonable additional amount to provide for the other payments for which the fund is to be used.
See Order in Council 442-2020 dated 8 April 2020, (2020) 152 G.O. 2, 874.