February 2, 2021, Vancouver, BC – With a strong start to the new year, Cansure demonstrates their commitment to supporting the realty insurance sector by delivering product innovations that support crucial market needs. Following hard market disruption in realty segments, higher earthquake and water damage deductibles, and new regulation applicable to strata/condo premium pricing practices, Cansure shows leadership by developing insurance solutions to meet broker and policyholder needs of today.
At a time when brokers are seeking simple solutions to comply with regulations that prohibit the practice of best terms pricing (BTP), specifically BC Financial Services Authority’s letter of undertaking issued as a result of their final report on the state of BC strata insurance completed in late 2020; and Section 509 (1)c of the Insurance Act of Alberta, Cansure announces the capability to issue policy documentation on a split-rate basis, or weighted-average basis, or lead-rate basis. “It is imperative that brokers have a trusted lead, who is supported by major subscribing insurers, to provide a single policy experience where the premium shown matches the premium to be paid” says Cansure Strata & Residential Realty Segment Manager, Cheryl Fortier.
Increased water damage deductibles, also a feature of today’s strata/condo market in BC, have caused many unit owners to be exposed to large gaps in strata deductible assessment coverage. To meet the needs of these unit-owners, Cansure has developed gap insurance for strata water damage deductible assessment coverage with enhanced features of no minimum retained premium and highly competitive rating. The minimum coverage required under the personal lines unit-owner policy is $75,000 and a gap of up to $175,000 may be insured (increasing soon to $400,000). This offers policyholders peace of mind for strata water damage deductible exposures up to $250,000 (and soon $500,000). Brokers can easily access this coverage online through the Cansure portal to quote, bind, and issue on demand 24/7.
Deductible increases are also impacting commercial & residential building insurance for earthquake peril coverage. Here too Cansure has led with deductible buy-down and gap coverage solutions. Commercial insurance may be procured to buy-down the building deductible from 15-25% to a more affordable 3%, 5%, or 10% (with no minimum dollar deductible) for the building owner or strata corporation. Homeowners are also looking for earthquake deductible buy-down options and Cansure offers a deductible buy-down to $2,500 flat, and this coverage can be found easily on the Cansure portal to quote, bind, and issue on demand 24/7.
As a broker’s leading source for commercial and personal specialty insurance in Western Canada, Cansure is committed to innovating to fill the gaps that emerge in a changing insurance marketplace. David Marsh, Cansure VP Personal Lines adds, “thoughtfully delivering commercial solutions with expert underwriters and efficiently delivering specialty personal lines solution on a quote-to-bind ecommerce platform ensures we bring the right solutions to brokers in the right way, when and where they need them”. Visit the Cansure portal today at www.cansure.com/portal or email [email protected] for more information.