Benefit of a Plumbing Check - up - by Trish Kaplan, CCI (Hons), Administrator
leakage, flooding, and plumbing damage.
We have been receiving enquiries from owners relating to significant increases in their common element fees and in some cases, special assessments, where the reason has been referenced to be due to the increasing cost in the corporations’ insurance premiums and insurance deductibles. Every corporation is required to ensure adequate coverage is in place to cover both. That cost falls to the owners in a corporation who are shareholders of corporation. The topic of insurance in condominiums is complicated and that is for the professionals to discuss, understanding that there are (or should be) policies for the corporation, another for the owner and in some cases a tenant. In all cases, it is not uncommon for the insured not to actually understand the policy so learning about coverage and limits is essential. A review with your broker or agent to get your questions answered can help with making an informed decision and ensuring there is proper coverage and protection. There are a number of reasons that have been cited for surges in claims that will ultimately increase insurance premiums and deductibles. Most notably, climate change and extreme weather events, inferior construction, fire, break-ins and more. However, the highest amount of money paid out under home insurance policies is for water damage. Exact estimates vary, but it's nearly the majority of all claims. Figures include the 50 percent quoted by Desjardins Group in 2018 and 48 percent by Canadian Institute of Actuaries in 2014. What's causing all that water damage? Bathroom leaks, toilets and showers that don't drain, corroded pipes, and aging fixtures can all lead to insurable losses. Of course, there's also roof
Many boards are doing their best to carry out proactive measures to reduce the risk of insurable events that can be anticipated. Major perils related to storms and flooding, etc., are a bit tricky to anticipate, although necessary and ongoing maintenance can be invaluable. Corporations can be better prepared by engaging qualified professionals to share their expertise in prevention measures. Owners also need to be proactive in their duty to protect what is theirs to insure for repair and replacement. The very common trend resulting in owner insurance claims relate to plumbing issues. Undoubtedly, proper attention to plumbing maintenance can make a huge impact on decreasing claims. In some cases, boards can participate in property-wide prevention programs.
Trish Kaplan , CCI (Hon’s) is the current part- time Administrator for the CCI-London and Area
Chapter, also having served in the position from April 2003-
September 2010 and was awarded the Distinguished Service Award from CCI National in November 2006. She served on the Board of Directors from 2010 to 2015 when she returned as Administrator. Trish is also a former condominium manager.
PLUMBING PREVENTION
We tend to discuss owner plumbing maintenance often as it pertains to related claims being made, sometimes where the corporation’s insurance policy becomes involved. Sharing information regularly with owners can be a valuable stepping stone to being proactive. Daily, weekly and seasonal maintenance tips will alert them to the necessity of being aggressive to their own unit plumbing maintenance. Operating and repair manuals for the individual components are essential. Keep manuals on the components (tip: put manuals in a zip-lock bag and secure them to the component or close by). You can also check online for particulars about individual component. Alternatively, owners might be more comfortable bringing in a plumber to carry out a full maintenance check. It can be a little overwhelming to attempt to attending to the regular
18 — 2020/2021 - 2
Made with FlippingBook flipbook maker