A fairly new property to FirstService Residential’s management, we were able to save Pinnacle Living on Broadway $14,000 in premium at their July 2019 renewal, a considerable feat given the hardness of the condo/strata insurance market. In addition to the savings, the Strata Corporation received extra perks: a higher ERC, a higher limit of ALE,…
In October of 2018, FirstService Residential assumed management of Nuera & Alura, a 508 unit high-rise condominium building in Calgary, AB. The Board expressed interest in working directly with our internal insurance subject matter experts to explore better alternatives for the condo’s master policies. In the early on-boarding stages, the BDM team led by Grant Flagler…
What do 9 schools, 1,000 children, 23,000 meals, fresh water, internet access, and a new home all have in common? The answer: Insurance (sort of). A few months ago, we told you about FirstService Financial’s Direct-to-Resident program and the powerful impact it is having across our markets. Our partner Lemonade Insurance Company and their mission…
Newtown Grant, a master-planned community is Southeast Pennsylvania, is home to over 3,000 residents. Made up of a master association and multiple sub-associations, this very large community recently presented a challenging insurance renewal. The incumbent Directors & Officers Liability provider non-renewed coverage because of the complexities involved, and many other underwriters declined to offer terms…
Starting the year strong, FS Insurance Brokers successfully renewed insurance policies for 265 associations in the Houston market. On the heels of a challenging 2017, the HOA program continues to thrive, entering 2018 with the rollout of a new Umbrella policy program that aims to save our clients even more money on annual premiums while…
Bayland Condo is a 121-unit garden style condo community located in Havre de Grace, MD, just outside Baltimore. Recently, the Board opted to explore options for the management agreement while still considering its ongoing relationship with FirstService Residential. Coincidentally, the association’s insurance coverage was up for renewal at same time. FS Insurance Brokers was engaged…
Signal Hill, a 222-unit strata building in Fort McMurray, Alberta, recently engaged FS Insurance Brokers to obtain a quote for their insurance renewal resulting from poor service on the part of the incumbent provider. This condo corporation had just two claims on file: one from the 2016 wildfires and another as a result of sewer…
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Click here to view and download the slide presentation Click here to view and download water-related Did You Know? handouts Click here to view a recorded version of the webinar Click here to learn about water mitigation procedures
Did you know that Crime insurance provides more than just the Fidelity Bond requirement in a management contract? All of our associations are required to have Fidelity Bond coverage and to satisfy that requirement, our associations buy Crime coverage that provides an Employee Theft limit based on financials. However, a standalone Crime policy offers additional…
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All associations purchase Crime coverage as a standalone policy or as part of a package. This type of coverage protects against the theft of association funds or other financial misconduct, but often has limits below what the association may need. Excess Crime provides the same protection, but offers higher limits than a typical property policy,…
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In October of 2016, FirstService Residential assumed management of The Savoy, and brand-new luxury condominium building in Calgary, AB. The Board, comfortable with their existing insurance broker and policy terms, was skeptical about switching brokers despite FirstService’s recommendation. In an effort to win the business, our broker partner presented a renewal option that added coverage…
LOANS CLOSED $1,500,000: Huron Pointe Condominium Association – Chicago, IL $60,000: Katy Oaks HOA – Katy, TX CASH MANAGEMENT Preserve Master Maintenance Corp – Chino, CA: Designated as agent to manage CD ladder for client’s $3,400,000 portfolio Arrowood Master Association – San Diego, CA: Designated as agent to manage CD ladder for client’s $2,700,000…