Insurance Insight 2019
Emerald Management & Realty Ltd. is proud of its insurance program that has been customized for the properties we proudly manage. Many owners and condominium corporations opt into this inclusive program which is guided by the experts at Lloyd Sadd Insurance Brokers Ltd.
Recently there has been a shift in the insurance market that is impacting condominium corporations and multi-family rental properties across Canada. In response, the Emerald team has been working aggressively on behalf of its clients to mitigate the financial impact from the changes in the market place to achieve the best rates. The following is provided to give some insight on the work happening behind the scenes to maximize results.
Trends for the past couple years have been deteriorating with the underwriting and claims experienced throughout Canada. Poor investment returns by insurance companies have added pressure to the cost of insurance in the market place. This has also resulted in some insurance companies exiting the property management insurance sector. Despite some profitability being shown by some insurance companies, the industry as a whole appears to have come to agreement and is currently focusing on underwriting profitability for a stable insurance marketplace.
In response to the recent changes that started being experienced in late 2018, Emerald’s triggered the negotiation process of its master insurance program and has been working with our independent broker, Lloyd Sadd Insurance Brokers, to aggressively seek the best coverage and pricing in the market place. Further, we are ensuring that coverage is placed with financially sound insurers who have expertise in our property management sector and are known for excellent claims service.
Further to these changes around the insurance environment, Emerald continues to work on behalf of its clients to minimize the impact of this shift on pricing to maintain the benefits of our insurance program. We continue to be focused on achieving the advantage of our low corporate rates, reasonable deductible levels, prompt claims management, rental revenue loss coverage, vacancy coverage … and more.
To discuss the Emerald Management & Realty Ltd. insurance program advantage and any concerns you have with your current property coverage please contact our team.
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