Canadian Underwriter, "How to reduce a condo corporation's insurance premiums"
With condo insurance premiums on the rise – in some jurisdictions, premiums have reportedly increased by 780% — and coverage scarce, legal counsel and Canadian Underwriter readers have a few ideas for the Insurance Bureau of Canada’s forthcoming risk manager for condo corporations.
As reported, IBC’s newly created risk manager role will help condo corporations mitigate their risks, the first step towards finding coverage and reducing premiums. Given public comments so far, it appears that brokers and defence counsel already have several recommendations prepared for their condo corporation clients.
Jason Rivait of Miller Thomson LLP, in a blog for Mondaq, identified three ways for condo corporations to reduce risk, two of which involved changing condo rules and regulations.