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 highlighted the benefits of FirstService Financial’s national program and quickly introduced the insurance team as the policy expiration date was approaching.
The effort was coordinated by Bernadette Fonmedig, FirstService Insurance Coordinator in the Alberta market. The property itself is a very large and located in a flood zone, thus difficult to insure. Working alongside the BDM team, on-boarding team, and Board of Directors, Bernadette obtained all necessary underwriting information for our partner insurance broker to secure a competitive proposal from our exclusive FirstService Financial insurance program.
With a strong effort to win the business, our partner insurance broker presented a renewal option that added coverage for Pollution Liability and Terrorism, neither of which were previously covered. Additionally, the renewal included 130% extended replacement cost coverage, which could be extremely beneficial in the case of a large loss. Even with these extra and improved coverages, our proposal provided an overall savings of $9,612 on annual premiums plus a 0% finance fee which saved the Corporation an additional $4,894.
The Board accepted and agreed to switch within an hour of receiving the proposal. A true example of adding value for the client!