What can be the consequence of under-evaluating the "replacement value" of a divided co-ownership?

If the insurance taken out by the syndicate of co-owners does not cover the reconstruction at "replacement value" of the condominium, the co-owners will have to fill, personally, the difference between the amount paid by the insurer and the real costs of reconstruction at "replacement value". The directors of the syndicate of co-owners can be held personally responsible if the insurance coverage is insufficient. It is interesting to remind that the syndicate of co-owners is registered as an insured in the insurance policy.