CHF Canada has released the Commercial Insurance Program Update. They are reporting an average 10% rate increase for 2019 renewal. The good news for housing co-ops in the Edmonton region is that most can expect to see their rates either stay the same or drop by anywhere from a few hundred dollars to a couple thousand dollars. There are a couple co-ops with claims issues who may experience a moderate increase.
Members should also point their attention to the CHF Canada’s new Risk Management Program Checklist. They launched this program earlier this year in an effort to help you identify areas of concerns that you can address to keep your premiums down. You will receive a new checklist for 2019 in January. CHF Canada is aware that many co-ops pair the checklist with their annual unit inspections (Spring & Summer). As a result, they have extended the deadline to August 31st.
You will receive credit for completing the checklist and addressing any issues raised. While it would be great to see you complete the checklist for all of your units, credit will be given to co-ops that use the checklist on at least 15% of their units. The Co-operators will not raise premiums or restrict coverage because of anything brought to light by these checklists as long as your co-op is working towards fixing the problem.