When your community is managed by FirstService Residential, you gain access to the exclusive programs available through FirstService Financial, Inc., our affiliated financial services company. FirstService Financial is able to offer your community association higher returns and lower rates on its banking and insurance products by taking advantage of the buying power of FirstService Residential’s large portfolio of managed communities. Although FirstService Fianancial's services are optional, they provide added value to associations that choose to use them.
One way that FirstService Financial adds value for your community is by eliminating bank fees on operating accounts and delivering significantly higher interest rates on reserve and escrow funds. Your association can choose from a range of programs:
- Reserve Program – FirstService Financial's reserve programs has 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 assists in loan placements in excess of $500 million for community associations.
Insurance coverage is a substantial component of your community association’s operating budget. FirstService Financial goes beyond just placing policies. It also offers education, safety and loss prevention programs, policy reviews and analysis, as well as support throughout your renewal process.
FS 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 – Provides protection against the theft of association funds and against 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 the decisions they make 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.
Get the Latest News and Resources
Receive valuable insights and informative resources for your community! Sign up below.