2. The minimum contribution of the co-owners of an immovable held in divided co-ownership to the self-insurance fund established under article 1071.1 of the Civil Code is determined on a yearly basis when the sums to be paid into the contingency fund are determined, in the following manner:
(1) where the capitalization of the self-insurance fund is less than or equal to half of the highest deductible amount of the insurance taken out by the syndicate of co-owners, the contribution is equal to half of that deductible;
(2) where the capitalization of the fund is greater than half of the highest deductible amount of the insurance taken out by the syndicate, the contribution is equal to the amount resulting from the difference between that deductible and the capitalization of the fund; and
(3) where the capitalization of the fund is greater than or equal to the highest deductible amount of the insurance taken out by the syndicate, no contribution is required.
For the purposes of the first paragraph, the deductible applicable to damage caused by an earthquake or by flooding, if that protection is provided for on the insurance contract, is not taken into account.
Despite the foregoing, where the minimum contribution of co-owners to the self-insurance fund determined pursuant to subparagraphs 1 and 2 of the first paragraph increases the capitalization of the fund to over $100,000, that contribution may be lowered in order that the capitalization of that fund is at least $100,000.
442-2020O.C. 442-2020, s. 2; 1213-2022O.C. 1213-2022, s. 11.