At FirstService Residential in Minnesota, we employ in-house insurance administrators who work with market leaders including FirstService Financial (FFI), our affiliated financial services company, to design and administer competitively priced banking and insurance programs for your community association. FFI's programs are offered exclusively to our clients, creating another tangible differentiator for our organization.
All of our client operating accounts are part of a program at US Bank negotiated nationally by FirstService Residential that has eliminated bank fees. We employ an in-house Investment Administrator who oversees FDIC compliance. FirstService Residential Minnesota's homeowner association clients are provided the best options that we have identified in the marketplace for secure reserve fund returns, and, when desired, we offer assistance in developing investment policies or programs for future operating and capital needs.
While FFI's financial and insurance services are optional, many of our clients elect to take advantage to help better manage their cash deposits and gain significant value. Services include:
- Standardized database for all homeowner association client insurance information
- Standardized bidding template – all bidders submit quotes based on the same insurance needs
- Insurance agency professionals to ensure our clients receive low pricing, effective claims adjustments and prompt renewals
- Renewal process that begins more than 100 days prior to the renewal date, provides ample time to review quotes and allow agents to answer questions and address concerns so community association Boards can make timely, informed decisions
- Regularly update property spec sheets for carriers
- Annual rebidding ensures competitive quotes on every client account
- Annual review of loss histories, risk exposure and proactive actions reduce claims risk
- Review with agent of insurance policy compliance with the community association's governing documents, property valuations and special endorsements that might be helpful
- Review of carrier ratings and whether carriers are “listed” in the State of Minnesota and subject to the state insurance fund
- Budget forecasting of insurance needs based on market trends
- Client updates on the status of the marketplace
- Programs for agents to develop letters to HOA members outlining recommended HO-6 policy coverage which we send annually to homeowners
- We work with an affiliated company, FS Insurance Brokers, to bring other insurance product options to our local market
Learn more about how FirstService Residential's banking and insurance services can benefit your association.
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