FirstService Financial aggregates the purchasing resources of more than 6,500 associations representing more than 1.6 million homes and over $120 billion in insurable value throughout North America. This significant amount across a mix of property types and geographies allows us to develop unique programs and proprietary insurance offerings to reduce cost and enhance the level of coverage for our clients.
We have invested in creating a significant database to track all policy and claims-related information by managed properties. Further, we have commissioned actuarial studies which demonstrate that our managed properties have better long-term claims experience than the broader market – a favorable reflection on our client properties and on our management operating procedural expertise. Among these procedures are training and educational programs offered to our managers that reinforce loss prevention and mitigation as a part of the daily property management routine.
Through our subsidiary, FS Insurance Brokers, we annually underwrite insurance policies for over 3,000 clients. As a licensed broker in both the U.S. and Canada, FS Insurance Brokers assists all of our property management teams in the insurance procurement process on behalf of our clients. We understand the importance of protecting our clients’ property, and we know the challenges in securing and maintaining a comprehensive, cost effective program. We support our clients through education, loss control programs, policy review/analysis, and support of the renewal process to ensure the best placement occurs.
We offer industry specific, proprietary, and non-proprietary insurance products to FirstService Residential managed communities. Underwritten by highly-rated insurance carriers, these programs include many policy types, such as liability, property, fidelity, and directors & officers, with enhanced coverage for our industry. Our goal is to create a solution that meets the specific insurance needs of our clients.
FS Insurance Brokers receives co-broker compensation from the primary insurance broker for its assistance with the placement, servicing, data tracking and renewal of the insurance coverage. While these programs are optional, many clients participate because the better coverage terms and lower insurance costs equate to peace of mind and lower assessments for each unit owner.