Condominium Insurance Coverage Explained with Trinity Player from BFL Canada
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Do you as a condo board director know enough about condo insurance coverage for your condo corporation or homeowners association?
In this video Rafal Dyrda interviews Trinity Player from BFL Canada where they discuss condominium insurance, condo board responsibility, and what you should be looking out for when buying an insurance policy for your condo corporation.
QUESTIONS ANSWERED ON THIS INTERVIEW
- Is a condo policy legal and binding?
- Are all insurance policies the same?
- Can language make in the policy make a difference of the outcome?
- Are condo manager's insurance experts or should you seek the advice of a condo insurance broker? Who's liable in buying the wrong policy?
- Can an insurance policy cover fraudulent activity?
- Does condo insurance coverage depend on the price of the policy?
- Who is responsible and liable for selecting an insurance policy?
- What are the most common claims in condominiums?
- Who should educate owners on insurance claims?
- What should the board consider when working with an insurance broker?
- What are the biggest mistakes boards make when buying an insurance policy?
- How often should the board review a policy?
- What should the board review before picking a policy?
- Should you inform your insurance broker if you update your bylaws?
- How is BFL Canada different from condo other insurance providers?
- What should the board do before filing a claim?
- What should the board do when they get a statement of claim?
- If damage originates from a unit who's responsible for repair?
- Can the Condo Board charge back the owner the deductible?
- Why should a condo unit owner have their own personal condo unit insurance?