Tune into this interview - Condo Radio on Insurance
COA Founder CEO Linda Pinizzotto interviews Paul Hainer, President of Insurance Land on Condominium Insurance
COA advocates:
- Consumer insurance for onsite and offsite Condo Owners
- Consumer Tenant Policies to ensure and protect Condos
- Better Condominium Board of Directors Liability Insurance
- Better Dispute resolution to protect Condo Owners rights
- Condo Corporations should have better governance for insurance claims
- Province must License Property Management Firms & Property Managers
- Property Management Firms and Property Managers need errors/omissions insurance
COA suggestions and concerns on Insurance Coverage
- Board of Directors may remove Building coverage to reduce deductibles
- Mandates must be in place to force Board of Directors to notify owners of changes
- Owners at risk for what the Corporation covers/doesn't cover under their "standard unit"
- Condo Building insurance may have different insurance companies on insurance coverage
- Status Certificate shows Insurance Coverage/deductible but not "standard unit coverage"
- Water is a #1 problem in condo buildings and insurance coverage
COA suggests preventative medicine
- Change plastic dishwasher and washer hoses to stronger rubber quality
- Regular checkups on lint traps in ceiling of units and regular cleaning
- Board may enforce policy for fan coils to be changed back to owners
- Plumbing inspection of all units and charge back to owners