FirstService Residential Enlightens Condo Boards on Legal Risks of Mismanaging Insurance Deductibles

Posted on Thursday June 15, 2017

EDMONTON, AB (June 15, 2017): FirstService Residential, Alberta’s leading condominium management company, adds to its educational series for Alberta condo board members by hosting two free educational events on condominium insurance. Guest speaker, Greg Cortese, vice president of BFL Canada Insurance, will provide expert insights for the seminar, Condominium Insurance: A Director’s Primer, being held June 26 and June 27 at the Canterra Suites Hotel in Edmonton from 6-8 p.m.  
 
Insurance concepts including deductibles, liability and policy coverages are commonly misunderstood by the boards tasked with managing them. Cortese’s overview of condominium insurance coverage includes a deeper dive into directors’ and officers’ liability coverage and the risks of setting them at the wrong levels.
 
“There is legal precedent for condominium boards being at risk if they set a high deductible to reduce resident claims,” says Cortese. “Boards that have high insurance deductibles and do charge-backs can be subject to costly legal proceedings, especially if they use high deductibles to keep premiums low,” he added.
 
Board members interested in attending can RSVP online or contact Daniel Barron, business development manager, at daniel.barron@fsresidential.com or 780.638.0988 for more information on this and other upcoming board education events in Edmonton.
 
About FirstService Residential
FirstService Residential is North America's largest manager of residential communities and the preferred partner of HOAs, community associations and condominium corporations in the U.S. and Canada.  FirstService Residential's managed communities include low-, mid- and high-rise condominiums and cooperatives, single-family homes, master-planned, lifestyle and active adult communities, and rental and commercial properties.
 
With an unmatched combination of deep industry experience, local market expertise and personalized attention, FirstService Residential delivers proven solutions and exceptional service that add value, enhance lifestyles and make a difference, every day, for every resident and community it manages.  FirstService Residential is a subsidiary of FirstService Corporation, a North American leader in the property services sector. For more information, visit www.fsresidential.com.



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