FirstService Financial’s insurance programs continually bring value to FirstSerivce Residential managed communities. We provide customized program options for our client’s risk management and insurance program. Below is an example of the savings and benefits that one Association received by using our services.
Florida Condominium Association
223-Unit High-Rise Condo in Aventura, FL
Existing Situation:
Projected Property Insurance Renewal Premium: $458,000
Expiring Property Insurance Carrier: Citizens
Citizens’ Financial Strength Rating: NR (Not Rated)
The board of directors was concerned with insuring with Citizens due to the total exposure of Citizens insured risk and the potential Citizens loss assessment if a major hurricane storm hit. In addition, the board expressed dissatisfaction with the customer service they were receiving from their agent who had been servicing the condo for the past 5 years.
FFI Solution:
Actual Property Insurance Renewal Premium: $422,800
Renewal Property Insurance Carrier: Zurich (Admitted)
Zurich’s Financial Strength Rating: A+ XV (Superior)
FirstService Financial and their partner insurance broker helped to place the association into one of the world’s best insurance companies, Zurich from the insurer “of last resort”. The association saved significant money on their renewal, and enjoyed the added benefit of enhanced coverage. In addition FirstService financial provided the following benefits:
- Identified and explained to the Board of Directors the exposures of remaining with Citizens.
- Provided enhanced coverage through an admitted carrier at a significant savings of $35k.
- Analyzed the Association’s loss experience and determined that over $200,000 in losses that were attributed to the association were in fact subrogated to a 3rd party insurance carrier.
- Advised Board of issues with their sprinkler coverage and the eligibility of a $40k premium credit.
- Analyzed financials to increase coverage that met State requirements.
- Conducted a comprehensive engineering review of the building systems and mechanical rooms.
- Provided Law or Ordinance coverage which the building was previously unable to obtain.
- Ongoing claims advocacy for claims that have occurred and ongoing to ensure that the association’s best interests are well represented.