We are collecting condominiums in a group to organize a tender and find the best insurance company which will be able to prove its fairness showing good statistics "Insurance Premium/Deductible/Paid Coverage) and will be able to provide the best condo Insurance TERMS for ALL CONDOMINIUMS OF THE GROUP Insurance.
There are some main questions that must be discussed:
1. Main criterium of a company
2. If one or/ a few company's will find a better deal out of the tender
3. Who will make a final decision (all condo directors will have an access to the group account or all offers will be visible to the public) and so on.
Just respond to this topic or open a new one under this Category.
Let's show a check a full picture of condominiums insurance, deductibles to make the right decision! Let's make Condo Insurance price more affordable and insurance coverage fairer and on time!
I am curious if you gained any traction with the group insurance tactic. I am President of a condo board in another Province and our insurance has increased 550% after a fire in a unit. Our existing insurance provider would not renew our policy for the property and we have had to go to the MGA market.
I have found notes about the group insurance tender in Toronto and was curious about the success.
Hi Chris, thank you for reaching us out. Yes, we understand how are you feeling, paying your Insurance many years to be financially protected in the case of accident but actually, you are financially endangered when the accident has happened... We learned the situations similar to yours a year ago, and suggested a group tender and a Petition: https://condo-fairtender.ca/group-tenders.html
But the situation in Toronto was much better than in other provinces and just a few condominiums shown the interest to get a better Insurance premium.
But we would be happy to help you with a group tender. condo-social.ca is applicable for all Canadian condo owners.
If you can reach out some owners/or directors of other building to invite them here or to condo-fairtender.ca we will be able to organize a group tender/or and Petition.
If your province has some kind of CAO (Condo Authority of Ontario) with a list of condo directors in public access just let us know we can invite and organize people for that.
Meantime, you can make a public video/audio/or text complaint here: https://condo-social.ca/urgent-help
We will get in touch with that company to explain their position publicly. In the case we do not get their explanation we will put that company name in a "Red Flag List" with an appropriate comment.
We believe such publicity of such information the situation might be improved.
Hope it would be helpful.
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