We aim to provide options that address diverse challenges and requirements by offering the following:
- A dedicated in-house underwriting team
- Coverage enhancements and long-term pricing stability
- Expertise in Community Association insurance placements
- Strong relationships with A-rated carriers
Insurance ProgramsInsurance 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 as policy reviews for you during renewal season.
At FS Insurance Brokers, our deep industry know-how and solid connections with leading insurance companies empower us to create, discuss, and implement property programs tailored to specific regions. We use data that shows consistently better-than-average claims performance in the FirstService Residential portfolio. This allows us to influence the insurance approval process positively, improving coverage for these programs without sacrificing competitive pricing.
FS Insurance Brokers also provides training and educational opportunities to FirstService Residential. Through these programs, we are able to reinforce loss prevention and mitigation as a part of their daily property management routine.
Insurance ProductsFS Insurance Brokers also offers insurance products to FirstService Residential managed properties provided by our in-house underwriting team or through a highly rated carrier, and coverage has been specifically designed to meet the needs of our clients.
FS Insurance Brokers insurance recommendations are aimed to follow these guiding principles:
- Protect association and board member assets
- Promote healthy financials and business continuity
- Educate board members and residents on potential risk exposures
- Build a comprehensive insurance program with minimal impact on the association budget
- Reduce long-term insurance costs to the association
- Protects against damage caused by fire, water damage, wind, theft, or natural disaster.
- Covers buildings, contents, and all other commonly owned property.
- Protects physical assets to ensure owned property will be replaced in the event of a claim caused by a covered peril.
- Claim Example: Fire causes damage to commonly owned property.
- Claim Example: Riot or Civil Commotion causes damages to common-owned property.
- Helps protect against 3rd party claims alleging personal and bodily injury or property damage.
- Allegations may include negligence for claims such as slips and falls or property damage resulting from the community’s day-to-day operations.
- Coverage typically includes attorney fees to defend allegations and the cost of settlement or judgment against the association.
- Claim Example: Slip and fall claim on association property.
- Claim Example: The association is named as an additional defendant in a suit for a large claim where a vendor’s actions caused bodily injury to a resident.
- Covers board of directors, current and past board members, spouses of board members, volunteers, employees, and management for allegations of mismanagement or wrongdoing.
- Allegations may be monetary or non-monetary.
- Claim Example: Wrongful resident eviction.
- Claim Example: HOA doesn’t allow therapy pets.
- Covers directors and officers for allegations of harassment, discrimination, or wrongful termination from residents or third parties, such as vendors.
- Typically offered as an optional coverage included in your D&O Liability policy and often needs to be endorsed to include 3rd party coverage for discrimination or harassment.
- Claim Example: A vendor claims he didn’t get a contract due to his age.
- Claim Example: Resident claims he was harassed by the board and denied an ARC request based on his religious beliefs.
- Covers against loss or disappearance of money or property due to forgery, fraud, embezzlement, or theft committed by board members or “employees” as defined in the policy.
- Crime / Fidelity Insurance is the first line of defense for maintaining the financial health of the community in the event of a loss.
- Fannie Mae and Freddie Mac either require (Condos and Co-Ops) or recommend a limit equal to or greater than 100% of reserve funds + 3 months of operating income.
- Claim Example: Board member embezzles funds from the association.
- Claim Example: Property manager and board member receive an email from a vendor claiming they never received payment for their services. However, it must be paid today to avoid service disruption. Under the board member’s direction, the property manager voids prior payment approval and issues a new check to the address provided by the email sender. The email was sent as a fraudulent scheme known as social engineering that gave the appearance the request was coming from a trusted source.
- Provides wage replacement and medical benefits for employees injured in the course of employment. Depending on the claim scenario and specific policy coverage, it may provide coverage to injured volunteers while performing sanctioned volunteer duties.
- For communities with no employees, Workers' Compensation coverage is required on an “if any” basis to protect against 3rd party claims.
- Claim Example: A maintenance employee is injured while repairing equipment in the building’s boiler room.
- Claim Example: A landscape company employee is injured on a community premise while performing duties the community contracted for the landscape. The injured employee attempts to file a claim with the landscape company’s workers' compensation company and discovers that the company allowed coverage to lapse for non-payment a few days prior. The injured employee hired an attorney and filed a suit against the landscape company and the association. Coverage was triggered because the association had a workers' compensation policy in place.
- Provides coverage for financial losses and expenses resulting from a data breach, including breach of any Personal Identifiable Information (PII).
- First-party expenses may include notification costs, crisis management, credit monitoring, data restoration, forensic investigations, or business interruption.
- Third Party Liability expenses may include attorney fees, regulatory fees, or damages.
- Claim Example: A board member’s media device is compromised and contains residents’ personal information.
- Claim Example: The HOA’s website is compromised, and it contains residents’ personal information.
Contact us to learn more about obtaining the right product or program for your community.
FS Insurance Brokers, Inc., a subsidiary of FirstService Financial and an affiliate of FirstService Residential, receives compensation as a co-broker from its broker partnerships. FS Insurance Brokers owes a duty of care to our clients that takes priority over FirstService Residential or FS Insurance Brokers’ interests. We protect our client’s interests, understand their needs, and always act with integrity, competence, and the utmost good faith. FS Insurance Brokers will always disclose our relationships to our clients in advance of any client decision. FS Insurance Brokers will avoid real, potential, or perceived conflicts of interest through transparency, disclosure and will withdraw our services and that of our partner broker upon any client request.
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