FirstService Residential CEO David Diestel discusses how we support board members with community lifestyle and hospitality programs, financial services, sustainability, resiliency, and more.
Whether you are on the board of a homeowner’s association, co-op, condominium, master planned community, or luxury high-rise, we understand that you have a vision for your community. Our unmatched local expertise and world-class resources allow us to provide exceptional service to our communities.
When your community is managed by FirstService Residential, you can take advantage of the exclusive programs available through FirstService Financial, Inc., our affiliated financial services company. The added value in this package comes at no extra cost to associations that use it!
Thanks to our connection to FirstService Financial, we are able to offer your community association higher returns and lower rates on its banking and insurance services by taking advantage of the buying power of FirstService Residential’s extensive portfolio of managed communities. Although FirstService Financials’ services are optional, they provide added value to associations that use them.
Is banking and insurance the same?
There is often confusion surrounding the terms insurance and banking. Although both industries deal with financial services, they are quite different. Banking typically refers to the act of depositing money into a financial institution to earn interest or access other services. On the other hand, insurance is a type of contract that helps protect an individual or business from financial loss in the event of an accident, theft, or another unforeseen circumstances. In some cases, insurance companies may also offer investment products, but their primary focus is on providing coverage against risk. As a result, insurance and banking are two distinct industries that serve different purposes.
Below, we break down our banking and insurance programs and how they can add further value to your community through their services.
FirstService Financial provides a range of services to help your community thrive. They eliminate bank fees on operating accounts, and have higher interest rates for reserve and escrow funds - all with the flexibility to allow your community to choose from the below programs:
- Reserve Program – FirstService Financials’ reserve programs have a history of providing above-average interest rates on reserve, capital improvement, and escrow accounts.
- Lockbox Program – High-quality, affordable lockbox service programs provide seamless collections for monthly payments with multiple payment options.
- Cash Reserves Program – Specially designed for community associations, FirstService Financial's Cash Reserves Program offers significantly higher earnings than savings or money market accounts, with immediate access to funds.
- Lending Services for Associations – FirstService Financial can facilitate or assist in loan placements in excess of $500 million for community associations.
Insurance coverage is one of the most critical aspects of maintaining a well-managed community association. FirstService Financial goes beyond just placing policies; they also offer education and safety programs that can help prevent losses from occurring as well policy reviews for you during renewal season.
FirstService Insurance Brokers, a subsidiary of FirstService Financial, utilizes its relationships with highly rated insurance carriers to provide cost-effective programs and products for communities managed by FirstService Residential. Insurance products for our managed communities are provided by the company’s in-house underwriting team or through a highly rated carrier.
A range of enhanced insurance products are available to your community:
- Crime/Fidelity – PProtects against the theft of association funds and employee dishonesty, fraud, forgery, and electronic theft.
- Workers’ Compensation – Provides “if any” workers’ compensation coverage for all board members, committee members, and volunteers working on behalf of the association. The program also provides coverage to manage the association’s risk and comply with regulatory requirements.
- Directors and Officers Liability (D&O) – Protects board members and officers from allegations or lawsuits resulting from their decisions while in service to the association. Those decisions must have been made within the scope of the insured’s duties and performed in good faith. D&O insurance also protects spouses, committee members, volunteers, staff members, the managing agent, and your property management firm.
Learn more about how FirstService Residential’s banking and insurance services can benefit your community association.
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