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 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 loss. Even with these extra and improved coverages, the proposal provided an overall savings of $5,700 on annual premiums versus the incumbent offer!
Even with early hesitation, the Board accepted and agreed to switch within four hours of receiving the proposal. A true example of adding value for the client!