FirstService Residential Houston Insurance Program Overview

Transcription

1 FirstService Residential Houston 2014 Insurance Program Overview Arthur J. Gallagher & Co. 2011

2 Agenda Gallagher Service Team Program History & Overview Coverages Claim Process Quoting Process Program Communication Tools 2

3 Gallagher Service Team Norman Henley & Tracy Williams Program Overview Taylor Bacot Program Service and Marketing Coordinator Claims and Problem Contact Crystal Vaughan Primary Contact on Routine Service Matters Jonathan Henley, J.D. Contract Review and Coverage Advisor 3

4 Program History & Overview In Existence for 20+ Years Excellent Claims Experience Benefit, but not a Requirement Over 90% Participation Common Expiration Date (Jan 1) 4

5 Coverages / Policies Property General Liability Including Auto Umbrella Directors and Officers Liability Crime / Fidelity Workers Compensation Flood (if Applicable) 5

6 Property Physical Damage to Real and Personal Property owned by Association or property that the Association has a legal obligation to insure. Clubhouse, Pool, Fences, Signs, Playgrounds, Irrigation System, Monuments, and Possibly the Units Claim Examples Fire, Water Damage, Wind/Hail Damage, Fence Damage from Vehicle Hit and Run 6

7 General Liability Incl. Auto Legal Liability policy to cover claims of Bodily Injury or Property Damage by 3rd party arising from the insured s premises or operations. Also includes coverage for claims of Personal and Advertising Injury (libel, slander, invasion of privacy, etc.) Claim Examples Slip and Fall, Property Damage to Unit Owner Caused by Failure to Maintain Common Element 7

8 Umbrella Legal Liability policy that provides excess (additional) limits when the limits of underlying policies are exhausted by the payment of claims. Designed to provide protection against catastrophic liability losses. Claim Examples Fatality, Injury to a Child, Life Safety 8

9 Directors and Officers Liability Boardroom Liability providing coverage for claims from managerial decisions that have adverse financial consequences (wrongful acts). Also includes coverage for claims of Employment Practices Liability. Claim Examples Wrongful Foreclosure, Breach of Contract, Wrongful Termination 9

10 Crime / Fidelity Fidelity coverage that provides protection of the Association funds from employee theft. Coverage is extended to include Forgery, Alteration, and Computer Fraud. Claim Examples Embezzlement of Association Funds by Employee, Board Member or Manager 10

11 Workers Compensation No-Fault policy providing statutory benefits to employee (or the employee's family) due to a jobrelated injury (including death) resulting from an accident or occupational disease. Also includes Employers Liability coverage for protection against job-related injury claims not covered by Workers Compensation. Claim Examples Occupational Injury, Intentional Acts/Gross Negligence 11

12 Flood (If Applicable) Flood = Rising Surface Water (Not Broken Pipe) Flood is Excluded from the FSR Program (Affiliated FM Locations Exception) Only required by Lenders if Property is in 100 Year Flood Zone NFIP (National Flood Insurance Program) 12

13 Claim Process Protect Property from Further Damage Don t Admit Liability Submit to Gallagher (Taylor) by FSR, not the Unit Owner Documentation Association Name / Location Date of Loss Description of Loss Claimant Contact Information Damage Estimate and Pictures if Available 13

14 Quoting Process If Available, Send Us Current Policy Info If Quote Needs to Include the Units and the Common Areas Plot Plan if Available Address or Range of Addresses Building and Unit Count Property Replacement Cost (Property Limits) Otherwise Complete and Send Gallagher Spreadsheet Taylor for Copy of Spreadsheet 14

15 Program Communication Tools Certificate Website ( FAQ Document Insurance Summary Gallagher Representative at Board Meeting (on request) Unless You re Sure, Check with Gallagher 15

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19 What Questions Do You Have? 19