Strata Corporation Insurance
RISK MANAGEMENT WITH YOUR PROPERTY IN MIND
As the head of a condominium association or a residential corporation, your priority is to run a tight ship that won’t bring financial ruin to the homeowners. Thanks to our extensive expertise in the real estate industry, we have designed policies that can protect your assets.
DISCOVER YOUR BENEFITS
Here are the advantages and options available to you. A condominium insurance solutions program developed by our team of brokers and designed for the unique needs of condominium corporations.
Most condominium insurance solutions companies now need to share the risk with other insurers. As your insurance broker, we are able to canvass the insurance marketplace, approach financially sound insurers and always act in your best interests. Simply put, BFL CANADA has developed the ideal insurance program for you.
Note: The details and coverage limits below are for reference purposes only and may vary by province. For individualized information, please contact your broker.
A strata corporation must obtain and maintain property insurance on the common property. The property insurance must be on the basis of full replacement value and insure against major perils as set out in the regulations and any other perils specified in the bylaws.
We provide you an additional $5M in coverage on top of your basic policy insurance.
Protects the corporation, its employees and volunteers against claims made by third parties due to property damage, bodily injury and personal injury. No aggregate. Property Manager extension is available.
Protects past, present and future condominium council members against lawsuits made against them that arise from decisions or actions they have taken. Coverage includes human rights complaints and defense costs. The coverage also extends to the property manager.
Protects council members, unit owners and/or residents who are injured while volunteering. Age limit 90. Includes honorariums.
Protects the strata/condominium in the event a leaking pollutant damages neighbouring properties or the environment. Each incident limit is
$1M.
Covers the property in case of an earthquake. Lower deductibles may be available: if 10% possibility for 5% or 3%.
Protects against riots, strikes, civil commotion malicious activity and direct terrorist activity. Up to
$2M limit available.
Protects the corporation’s liquid assets against theft by employees, council members and the property manager. The policy limit is intended to protect your operating expenses and reserve fund.
No deductible.
Stratas and property managers rely on electronic record keeping and data storage. Online communities and social media tools are also emerging. Both present higher exposure under the Privacy Act. BFL CANADA protects the council members and the Corporation if it is sued for breaching those privacy laws. Coverage options with no deductible are also available.
An insurance policy that provides you with coverage for legal costs incurred in the event of a dispute related to your strata. Choose from a panel of condo lawyers, always there for you. No eligibility restrictions.
YOUR TEAM OF LOCAL ADVISORS
THE BFL CANADA ADVANTAGE
BFL CANADA has achieved extraordinary growth because of our consistent ability to perform and deliver due to our expertise, professionalism and dedication, as well as our entrepreneurial culture. This culture and work ethic have driven our growth and has attracted organizations where we can establish meaningful partnerships.
