Risk Management in a HighRise—MSCC No. 692
The insurance market continues to be challenging for high rise buildings and in particular for older buildings; it is incumbent upon the board to pursue every course of risk management within their corporation and to share with everyone who own or lease units in the building. A corporation ’ s claims history is critical to the insurance renewal coverage process and availability. Updated information relating to building components will be requested by insurers (i.e., roofing replacement, heating, water heaters, electrical and more) so boards must maintain updated history logs that show regular maintenance, communiques to owners and new installations for that purpose. Increases in insurance premiums and deductibles can create budget woes for every condominium and owner because both have insurance obligations. What are some of the questions that will be included in an insurance policy renewal? Does your corporation have a process/procedure that owners use to report an emergency? Does your corporation (high - rise) have a 24/7 building manager or superintendent? Do your residents know how to get in touch with the onsite building staff in the event of an emergency? Does your corporation have a preferred contractor list with instructions on when to call in an emergency situation? Is this information provided to all owners/residents? Did you consult with the condominium ’ s insurance broker when developing a preferred contractor list? Do owners/building staff have a protocol in place for reporting and follow - up after a claim? Successes in mitigating insurance claims in one community can help the community - at - large. We value the input of condominium boards to assist in spreading their words of wisdom whenever possible. What is the communication process you use and find most effective to alert the owners about Risk Management in their unit and your building? An increase in water insurance claims prompted the board to make significant changes in the way we communicate to owners and the information we provide to them about claims, deductibles and the process of risk management. The topic, along with an outline of their own unit responsibilities is reviewed in every AGM package and in every Budget Notice. How did you assist your Insurance Broker to obtain the best rate and deductible? The board assisted our Insurance Broker in getting us the best rate possible with a reasonable deductible by creating a list of all the things we are doing regularly to mitigate risk of fire and water. They need to know that the board was seriously taking steps toward risk management.
The Board of Directors of Middlesex Standard Condominium Corporation No. 692 have been amazingly generous to share the success they have had in risk management and no insurance claims since 2017 in their building. CCI values the input of condominium boards to assist in spreading their words of wisdom whenever possible so we thank the directors for their unmistakeable commitment to ensuring risk management in their building. We also thank our presenters of a recent seminar for sharing their screen shots included in the article. Kudos should also go to all of the owners of MSCC #692 for their attention to safety and risk management. The success really is a tribute to the hard work of the entire community.
CCI Review 2022/2023 — 1
August 2022 - 22
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