Expert guidance for protecting your community assets
At FS Insurance Brokers, we understand that your community's physical assets are among its most valuable components. As subject matter experts, we are committed to guiding you through the complexities of property insurance, helping your community receive robust coverage tailored to its unique needs.
Why choose FS Insurance Brokers?
- Industry expertise: Our in-house team of over 30 licensed professionals and subject matter experts
- Strategic partnerships: Collaborations with industry-focused local and national brokers
- Risk management: Education and claims advocacy to reduce claims exposure
- Competitive solutions: Our partnerships access the entire insurance marketplace to deliver programs designed and priced for communities
- Proven track record: Experience, perspective and knowledge matter, we support 1000’s of communities protecting over $200B in total insurable value.
Comprehensive protection for your community
As insurance experts, we help you secure specialized policies designed to protect your assets against various hazards, including:- 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.
Physical assets we help protect:
- 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.
Real-world scenarios: How property insurance safeguards your community
We confidently guide you through various challenging scenarios, including:
- Water damages
- Fire damage to common-owned property
- Wildfire risks
Expert insight on wildfire risks
Jamie George, vice president of insurance at FS Insurance Brokers, discusses the impact of wildfires on insurance coverage in California:
"Since 2017, we've seen record losses due to fires. The state has taken steps through the legislative process to help protect homes and building structures by updating guidelines for defensible space and changing the fire hazard safety zones, but the damage has already been done. Insurance premiums have gone up as a result. A higher risk generally results in higher premiums if an association can find coverage depending on fire risk and score. More often than not, the increases seen at renewal change up to the point when new coverage takes effect."
A proactive approach for board members
We recommend:
- Engaging with management teams, insurance agents, and brokers
- Being involved in the process and asking questions
- Maintaining property according to best practices
- Following state and local agency guidelines
- Do not make insurance decisions based solely on price
How FS Insurance Brokers supports your community
Our team of experts is actively working to help communities by:
- Monitoring market conditions, options, and trends
- Understanding coverages and providing analysis
- Educating on risk management strategies
- Engagement with residents
- Avoiding underinsurance and coverage gaps
"If you're hearing that you can save money on your renewal, then you're most likely sacrificing on coverage, or worse. And given the conditions in the market right now, that's not the type of situation you want to end up in."
Sean Kent, senior vice president of insurance at FirstService Financial.
Invest in your community's protection
Our team at FirstService Insurance Brokers is committed to providing you with expert advice and solutions for complex insurance situations. By choosing us, you are partnering with industry experts dedicated to your community's long-term security and financial stability.
Our commitment to management education, mitigation, and control allows us to source superior programs with coverage at competitive, needs-based rates.
Contact our team of experts today to learn how our property insurance expertise can help protect your assets and improve their total cost of risk.
Get in touch
Let us show you how FS Insurance Brokers can serve your community.