It can be difficult for a condo association to find the right insurer and to understand the reasons for fluctuations in costs and risks. To help you find out more about available solutions, I sat down with Christian Vanasse, Senior Director of Sales and Business Development, Commercial Insurance at Beneva. He shares the perspective of insurers regarding condo association insurance and the best ways to submit your application to an insurer. He also describes a few preventive measures you can take.
Hello Mr. Vanasse! Could you tell us more about Beneva and what the arrival of this new insurance company means for policies for condo associations and co-owners?
Concretely, Beneva is the result of a merger between two insurance companies that are doubling their efforts to meet the needs of co-owners and condo associations, even during difficult times. Beneva is the combined experience of two insurers that care about people.
As an insurer, what advice would you give to condo associations when it comes to renewing their policies?
First,it’sagoodideatoidentifytherisksinherent to the condo building: water infiltration, damage caused by repeated water leaks, slips and falls in front of the building, managing smokers, maintaining common areas and maybe a pool. Second, it’s important for your insurer to know that you have anticipated these risks when planning maintenance and monitoring activities. In other words, it’s essential to have a risk management plan.
What are the costliest disasters for co-owners?
Fire is the costliest disaster but fortunately these are quite rare, especially if the condo association has set rules that regulate smoking and ensures that the building’s electrical components are well maintained. These days, the most expensive disasters are caused by water leaks which are very common. The more units and floors in a building, the more expensive these incidents can become. For instance, if a leak occurs in a dishwasher hose on the 8th floor, damages could extend to the basement.
What types of devices are responsible for the most incidents in a condo building and why?
Hot water tanks cause the most water damage incidents. Next on the list are washing machines and even steam dryers. Dishwashers, refrigerators with water dispensers and ice makers are also responsible for their fair share of water leaks.
How can condo associations prepare and what investments can they make to reduce their risk of water damage and improve their insurance coverage?
Condo associations that invest in preventive measures can benefit from better insurance conditions. An association that has taken the means necessary to prevent the most common risks will be able to benefit from better conditions and will not be penalized as much in case of a disaster. There’s an expression in the insurance industry that says that insurers like to insure a certain risk but never a sure risk. Superior quality water heaters or a leak detection system such as AKWA, available exclusively from HydroSolution, are perfect examples of preventive measures.
What are the benefits of doing business with a company such as HydroSolution?
HydroSolution is a human-centric company that cares about the well-being of its clients and provides exceptional personalized support. We have several insurance policies that involve them, and we know they are experts in their industry.
Why do you recommend HydroSolution?
I recommend them for their high-quality water heaters with a superior lifespan as well as their AKWA leak detection system which is an invaluable part of any prevention plan.