Canadian Underwriter

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Condo Insurance

Flood in a house with furniture floating
News ClaimsInsuranceLegal

Vacancy permit doesn’t require daily attendance for eight months during repairs

June 10, 2022 by David Gambrill

Belair does not have to pay a condo claimant more than $1,500 in daily mileage costs accrued over almost eight months, during which time flood damage in the insured’s unit was being repaired. Belair Insurance Company insured a condominium owned

Boats moored in False Creek with a view of downtown Vancouver
News Insurance

Behind the hard-hit condo insurance market in B.C. and Alberta

January 20, 2022 by Jason Contant

Wood frame construction for stratas, increased building material costs, and earthquake exposure in British Columbia contributed to the skyrocketing condo insurance premiums that hard market sector saw over the past few years, an Aon executive says. “There’s a lot more

Condo with sunny blue sky background
News Insurance

Signs for optimism in the condo insurance market?

January 18, 2022 by Jason Contant

Condo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and

News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesRisk

Are your condo clients covered for ‘special assessment’ costs?

June 2, 2021 by David Gambrill

In an age when a condo corporation’s insurance may not provide enough coverage for an insured loss, brokers can help their clients by advising condo unit owners about the merits of special assessment insurance, one lawyer suggests. “It is important

News Insurance

Insurance regulators expand scope of inquiry into Best Terms Pricing

December 2, 2020 by David Gambrill

Canada’s national association of provincial property and casualty insurance regulators is looking into “Best Terms Pricing” in all commercial lines following recent regulatory actions to ban the practice in the strata insurance line in B.C. and Alberta. The Canadian Council

News BrokersInsuranceLegalLegislation / Regulation

For insurance purposes, if it’s not managed as a strata, it’s still a strata: Tribunal

November 19, 2020 by David Gambrill

The owner of a strata lot in a duplex that was not managed as a strata — for example, there was no strata board of directors, annual board meetings, etc. – must nevertheless pay for her half of the strata

News Insurance

One essential thing required for condo premium relief

November 10, 2020 by Adam Malik

Clients don’t always know the process when they have to report a condo insurance claim, and a number of property and casualty insurance professionals believe education of condo managers and boards is key to turning around the hard market in

News Insurance

Culture change needed to mitigate condo losses: Aviva exec

November 6, 2020 by Adam Malik

As capacity for condo insurance shrinks and premiums continue to mount, property managers and condo boards will find greater success with underwriters if they can show they are embedding responsibility for risk management and mitigating losses into their corporate culture,

News Insurance

Sedgwick exec’s Top 4 reasons why condo claim severity is through the roof

October 30, 2020 by David Gambrill

As Canadians carry on their love affair with condos, the number of units being built — and the rapid pace of their construction — have indirectly contributed to the severity of condo insurers’ claims costs, says a senior P&C insurance

News Insurance

What brokers are looking at to help condo corporations reduce deductibles

October 29, 2020 by David Gambrill

Brokers working in the condo insurance class of business are looking at creative ways to help their condo corporation clients shoulder the burden of much higher deductibles — including preliminary discussions around the option of “buy-down” deductibles. “As a broker,

News AdjustersBrokersClaimsCommercial LinesInsuranceLegislation / RegulationRisk

This decision on a $5,000 deductible could motivate condo corporations to change their bylaws

October 28, 2020 by David Gambrill

A recent decision by B.C.’s Civil Resolution Tribunal (CRT) may motivate strata (condo) corporations to adjust their bylaws so that they can charge insurance policy deductibles back to their strata unit owners. Based on the outcome of the CRT decision,

News Insurance

First the industry mandated fire detectors. Now should it require water detectors?

October 27, 2020 by Adam Malik

An abundance of technology is available to prevent water damage in condo buildings, but panellists of a recent Canadian Underwriter webinar questioned why it’s not being mandated or put to use as condo claims continue to increase. Existing technology such