Tom Gallinger

Generally living and breathing condo insurance.

[Tom Gallinger @CondosCovered]

The Condo Act let's you back-charge but only up to the applicable condo deductible for an owners "act or omission", contact your lawyer about a Deductible Bylaw while you still can - it can make this process much smoother #condochat

[CCI Toronto @CCIToronto]

Let's talk about back charges! What happens if an owner causes an insurable loss? How are they held responsible? @NormacOfficial @CondosCovered @KGowCondo #CondoChat

[Tom Gallinger @CondosCovered]

Great point @KGowCondo ! Loss prevention measures around common elements are only one piece of the pie. Communication with unit owners on their responsibilities can help try to reduce water incidents that arise within the unit
#condochat

[Katherine Gow @KGowCondo]

Reminders (via emails or newsletters) to home owners of routine maintenance reminders can be critical in helping mitigate risk: to owners know where suite isolation valves are located? #condochat

[Tom Gallinger @CondosCovered]

Strong professional management has become more of an underwriting factor for Insurers, recognizing that they will often recommend and undertake risk reduction and risk mitigation strategies such as this
#condochat

[Katherine Gow @KGowCondo]

Routine inspections of condominiums and their properties can be most useful in reducing risk (and responding to a claim). Property managers use things like snow clearing logs to record site circumstances daily and how conditions were addressed. #condochat

[Tom Gallinger @CondosCovered]

This can also lead to delays in claims settlements...
#condochat

[Katherine Gow @KGowCondo]

Without a standard unit bylaw best efforts to determine standard finishes can be difficult to establish. #condochat

[Tom Gallinger @CondosCovered]

@KGowCondo @KGowCondo typically yes, but it all depends on what property and space the shared agreement encompasses and the risk of loss associated with that property. Certainly for shared rec facilities and common elements it is highly recommended. #condochat

[Tom Gallinger @CondosCovered]

Water damage is the number one cause of loss for condos, and although you associate it more with high rise, still most common loss in townhome-style condos as well. Fire damage and slip and falls would round out the top 3 most common condo losses #condochat

[CCI Toronto @CCIToronto]

Can our panel discuss some of the most common insurance claims in condos, and how we control risk? Specifically, what tools can condos employ to reduce insurance risks? @NormacOfficial @CondosCovered @KGowCondo #CondoChat

[Tom Gallinger @CondosCovered]

It often can depend on your policy setup. Without a separate "shared" policy, each corporation that is party to the Shared Agreement may have to file a claim under their own policy for their proportionate share
#condochat

[CCI Toronto @CCIToronto]

What happens if there is an insurance claim relating to a shared facility (ie. slip and fall at a swimming pool, and the swimming pool is part of the shared facilities)? @NormacOfficial @CondosCovered @KGowCondo #CondoChat

[Tom Gallinger @CondosCovered]

Great point @NormacOfficial. Removing some items can definitely help but I often caution condos around removing too much - which could be at the peril of owners and mortgage companies

[Normac Appraisals Ltd. @NormacOfficial]

2/ A standard bylaw can affect insurance. Example: if items previously included are removed due to a bylaw, then the insurable value will drop #CondoChat

[Tom Gallinger @CondosCovered]

Helps clarify and strike a balance over who covers what inside the unit. Important to discuss with your corporation lawyer and insurance broker on what bylaw might be right for your condo. #condochat

[CCI Toronto @CCIToronto]

Let's talk about Standard Unit Bylaws. Why would a condo want to have a standard unit bylaw? How does this affect insurance? @NormacOfficial @CondosCovered @KGowCondo #CondoChat

[Tom Gallinger @CondosCovered]

@SophiaSimeone3 @CCIToronto @NormacOfficial @KGowCondo Unfortunately there is no "silver bullet" but professional management, preventative measures around potential losses (esp water damage), strong standard unit bylaw & deductible bylaw, and a good insurance broker can help #condoinsurance #condochat

[Tom Gallinger @CondosCovered]

Your insurance broker should recommend necessary insurance coverage, shop the market for options with the best value, advocate and support the claims process, and most importantly help you manage your insurance for the long term. #condoinsurance #condochat

[CCI Toronto @CCIToronto]

Let's talk about #Insurance Brokers! What is the role of the broker and how do they help condos navigate the insurance market? @NormacOfficial @CondosCovered @KGowCondo #CondoChat

[Tom Gallinger @CondosCovered]

@SophiaSimeone3 @CCIToronto Although an appraisal's strong suit is to establish a proper value before a claim occurs, I have seen where a detailed appraisal can clarify for the Insurers what property is covered in a claim scenario, esp when there are Shared Agreement responsibilities

[Tom Gallinger @CondosCovered]

Critical to review your condo's options for water damage prevention with your professional management team, they can help you make a water damage prevention and action plan. 80% of condo property losses are due to water damage #condochat

[Katherine Gow @KGowCondo]

#condochat technological advances have also made leak detection technologies available for multi-residential settings. #riskmitigation This might be a game changer! @CondosCovered @NormacOfficial

[Tom Gallinger @CondosCovered]

@LyndseyMcNally3 @NormacOfficial Worst case: not enough coverage for a major property loss, and if your policy contains a co-insurance penalty then your condo may only receive a % of the total amount of damage. Unit owners typically would have to pay the uncovered amount via assessment

[Tom Gallinger @CondosCovered]

Difficult to say as Insurers look at a lot more factors unique to each condo. And while higher premiums and deductibles have offset some claims cost, claims and reconstruction costs are increasing more dramatically now. @NormacOfficial can tell us more about that. #condochat

[Lyndsey McNally @LyndseyMcNally3]

@CondosCovered Any predictions on when the market might start to soften? Rates seems to be increasing slightly less than we saw in 2018/2019/2020, but some are still reporting large increases and difficulty obtaining coverage. #Condochat

[Tom Gallinger @CondosCovered]

As I see it the overall insurance mkt is still “hard”. Condo segment seems a bit ahead of the general market as rate & deductible pressure is tapering off for many condos now. Insurers are still being selective so condos with claims or undesirable factors be aware #condochat

[CCI Toronto @CCIToronto]

At CCI-T, we know that rates and deductibles are increasing in part because of where we are in the insurance cycle. Can you explain the cycle and where the Ontario market fits into the cycle? @NormacOfficial @CondosCovered @KGowCondo #CondoChat

[CCI Toronto @CCIToronto]

Our live Twitter chat on Condo Insurance is happening Wednesday, April 21, at 9:30 am! Meet our #CondoChat Guest Tweeter, Tom Gallinger, @CondosCovered! Tom is Vice President at Atrens-Counsel Insurance Brokers. Tom will provide his expert analysis and answer your questions live!

[Tom Gallinger @CondosCovered]

I’m certainly looking forward to being a part of this! @CCIToronto #insurance

[CCI Toronto @CCIToronto]

Join us April 21st at 9:30 am right here on Twitter for a chat on Condo Insurance! This live Twitter chat will address the most pressing topics related to Condo #Insurance, including rising rates, the role of the broker, and more! Follow along using the hashtag #CondoChat!