Top Tweets for #Condochat

about 5 years ago

Many thanks @CCIToronto @CondosCovered @NormacOfficial for a terrific chat! #condochat

about 5 years ago

That's a wrap on our live #CondoChat on Condo Insurance! Thank you for joining us! We hope you enjoyed the discussion. Thank you @CondosCovered, @NormacOfficial, and @KGowCondo for your expert insights!

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about 5 years ago

If you weren't able to follow along live, scroll through this thread, as well as hashtag #CondoChat, to catch up! And follow our expert guests, @CondosCovered, @KGowCondo, and @NormacOfficial, to stay in the know on all things #Condo!

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about 5 years ago

Contact your broker for advice in managing a claim (and DO have the conversation about whether or not you should forward a claim). To manage your premium consider NOT forwarding a claim unless repair values are several the deductible. #condochat

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about 5 years ago

That's a wrap on our live #CondoChat on Condo Insurance! Thank you for joining us! We hope you enjoyed the discussion. Thank you @CondosCovered, @NormacOfficial, and @KGowCondo for your expert insights!

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about 5 years ago

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

about 5 years ago

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

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Luis Hernandez @lhernan5

about 5 years ago

And what about deductibles? What if the costs exceed the deductible – can the Corporation chargeback the extra costs to an owner? #condochat

about 5 years ago

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

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about 5 years ago

Job #1 when there is a loss is mitigating damage: identify the cause/source, stop it, get emergency restoration crews on site to make the scene safe and stable. #condochat

about 5 years ago

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

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about 5 years ago

Your greatest tools for controlling risk will be 1. standard unit bylaw 2. deductible recovery bylaw 3. inspections/programs to reduce water damage, slips and falls and risk of fire #condochat

about 5 years ago

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

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about 5 years ago

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

about 5 years ago

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

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about 5 years ago

Seasonal reminders to home owners should include things like closing exterior hose bibs and cleaning terrace drains to help individual home owners attend to their in suite maintenance requirements. #condochat

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about 5 years ago

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

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about 5 years ago

Preventative maintenance of building systems and things like sump pumps and vertical/horizontal drain cleaning ensure that water flows and drains as expected. #condochat

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about 5 years ago

It's A LOT of work, but owners also appreciate optional programs like in suite plumbing inspections that help them preventatively identify in suite risks. #condochat

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about 5 years ago

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

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about 5 years ago

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

about 5 years ago

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

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about 5 years ago

Standard unit bylaws increase clarity and therefore can help prevent delays in claim settlements. #condochat

about 5 years ago

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

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about 5 years ago

Some Condos coordinate in suite work that helps to maintain (and identify) systems that most often result in claims. Many Decs make it possible for Corps to offer periodic inspection/servicing of HVAC systems: fancoils, heat pumps, dryer vents #condochat

about 5 years ago

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

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about 5 years ago

Let's talk about Fidelity Insurance. Fidelity insurance isn’t mandatory under the Condo Act. Why would somebody want to add it to their policy? @NormacOfficial @CondosCovered @KGowCondo #CondoChat

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about 5 years ago

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