Article from Volume 8, Issue Number 4, 2021

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Insurance & Risk Mitigation - Fall 2021

By Alan Forbes | Other articles by Alan Forbes | Feature

The old adage “an ounce of prevention is worth a pound of cure” is applicable to the insurance market. If you want to reduce the pressure on ever-increasing insurance premiums, look for ways to prevent having to make claims and look to mitigate the various risks to persons and property. Consider putting together a risk mitigation plan for your condo corporation and show it to your insurance broker and ask for their feedback. They will be happy to help you because lowering your claims risk is a win-win situation for both parties.

 

Our CCI website has numerous tips for reducing risk and understanding your insurance policy, provided by some of our insurance industry Business Partner Members. Have a look in the members-only area of our website at https://cci-manitoba.ca/members-only/forms-templates. On that page, you will find information from HUB International and BFL Canada Insurance Services.

 

HUB International	BFL Canada
Tips to prevent water damage	Importance of dryer vent cleaning
Important facts about your unit owner policy	Hot water tank maintenance
Tips & checklist to prevent slips, trips and falls	Playground & equipment maintenance
Crime prevention tips for a safe & happy condo	Bathroom vent maintenance
Incident report template	Dishwasher maintenance
Tips for fire loss prevention	Fire suppression sprinkler maintenance
Bare land condo coverage considerations	Toilet leak prevention tips
Unit owner policy definitions	Washing machine leak prevention
	General water damage prevention tips
	Smoke alarm maintenance

 

As well, BFL has developed some YouTUbe videos to mitigate some common risks

• How to Prevent Kitchen Fires https://www.youtube.com/watch?v=5bYjOs3e9hM

• How to Prevent Frozen Pipes https://www.youtube.com/watch?v=pQZnDrvyGz0

• How to Use a Fire Extinguisher https://www.youtube.com/watch?v=C4W8meJEDCQ

 

Remember preventing a loss and a claim is a win-win for both the insurer and the policy owner.