top of page
< Back
Category:

Save this article  > 

The Crisis in Condominium Insurance

Author: 
James Davidson
Publication date:
Article Summary: 

Condominium insurance faces a crisis due to profitability concerns for insurers. The issue arises from the mismatch between premium calculations based on the risk of large claims and the prevalence of smaller claims in condominium corporations. The author suggests that to address this problem, a shift of risks from the corporation's insurance to unit insurers or self-insurance might be necessary. This can be achieved by adjusting the standard unit description to exclude features prone to frequent water damage and negotiating larger deductibles on the corporation's policy. The aim is to alleviate pressure on the corporation's insurance by reducing smaller claims and transferring those risks to unit owners.

Keywords: 

Condominium insurance, profitability, insurers, premiums, claims, risk, unit insurers, unit description, water damage, deductibles, self-insurance, corporation's policy, unit owners, crisis.



Source Citation: 
James Davidson
The Crisis in Condominium Insurance
Did you find this article useful? 
Your feedback is important not only to us, but to all the other key players in the condo industry.  Help us by letting us know if this article is relevant and useful.  This will help us prioritize articles that provide helpful guidance to other key players like you. 

Please login to use this feature.

bottom of page