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2024 Commercial Insurance Update

CHF Canada and Co-operators have been partners for over 30 years. We work collaboratively to ensure CHF Canada’s members have access to a unique commercial insurance product. We appreciate your participation in our program and will continue to work to bring you the best insurance we can. As part of our joint commitment to CHF Canada members, we focus on key value propositions:

  • To provide premium stability and affordable insurance to CHF Canada members.
  • To maintain a financially viable insurance program.
  • To deliver a risk management program that provides long-term risk reduction solutions and contributes to safer communities.

CHF Canada and Co-operators bring together specialists from various teams who are well versed in housing co-operatives. Our renewal team reviews the performance and looks at ways to ensure co-ops in the program have the coverage they need. As part of the renewal process, we review the performance of the program and look at the key contributors to losses. Our analysis this year showed that over half of the losses are attributed to fire; most of which are preventable, with thought and focus on maintenance and education to members. Causes of fire losses that are preventable include smokers’ materials, insufficient maintenance, and cooking. Water damage claims were the second highest contributor to the losses, some of which were caused by wind and hail and others by preventable incidents such as overflowing bathtubs.

Although we cannot control all factors that influence insurance premiums, we can be proactive in reducing risks leading to losses and claims. Regular inspections and the development of a risk management plan can help protect your co-op, enhance safety of members and reduce costly and burdensome claims. CHF Canada has a program that can help you with this process and offers a discount on insurance premiums to participating co-ops.

2024 Premium Changes

Each year, CHF Canada and Co-operators reviews our previous program losses and uses future risk indicators to ensure the rates and collected premiums cover the anticipated cost of future claims and administration of this program. Our base adjustments vary by region, and the final premiums will be adjusted based on region, individual loss experience, and participation in the CHF Canada Risk Management Program.

  • Atlantic provinces: loss experience and claims activity in this region required an overall premium increase of 9.1%
  • Ontario: loss experience and claims activity in this region required an overall premium increase of 12.3%
  • Western provinces: loss experience and claims activity in this region required an overall premium increase of 5.6%

Risk Management Program

In 2021, CHF Canada, in collaboration with Co-operators, launched a new Risk Management Program designed to help co-ops reduce risks on their properties to help reduce potential claims. When claims go down, everyone benefits from lower insurance costs. Co-ops that participate in the Risk Management Program receive a discount on their insurance rates at renewal. Although the deadline to receive this discount was in September, you can still participate and receive a discount in 2025.

This program has three phases to allow co-ops time to incorporate the planning into their annual process. If you have not participated in the program, you will begin with Phase 1. Phase 3 will begin in February 2024.

Phase 1

Time commitment: approx. 2 hours

In Phase One, the co-op Board of Directors is asked to take a high-level look at their current risk management process. The Board passes a resolution to participate in the Risk Management Program for the coming year. One or more Board Members completes a one-hour online on demand educational training which helps to inform the self-assessment of the co-op’s current risk management practices.

At the end of phase 1, the co-op will have completed:

  • Board Resolution
  • Education session
  • Self-assessment survey

Phase 2

Time commitment: 2 hours + unit inspection time (estimated at 5 minutes per unit)

Phase Two includes a new education component designed to help prepare for the development of the Risk Management Plan. One or more Board Members can complete this online on demand training session. The co-op will use the RM Program unit inspection checklist to completed inspections for 50% of its units. Each inspection should take approximately 5 minutes. The unit inspection can be completed by the member living in the unit, the property manager, or a third party. If your co-op already conducts annual unit inspections, these can be used to meet the checklist requirement.

At the end of phase 2, the co-op will have completed:

  • Education session
  • Unit inspection and checklists (50% of units)

Phase 3

Time commitment: 3 hours + inspection time (estimated at 5 minutes per unit)

In Phase Three, the co-op will complete the remaining 50% of unit inspections and use the education, assessment of current practices, and unit inspection results to create its own risk management plan. CHF Canada provides training and a template to walk you through the process. We are also available to provide additional assistance if needed. Although this phase requires more work, the co-op continues to qualify for the discount by updating its plan annually moving forward. If your co-op already has a risk management plan in place, this can be used to meet the requirement.

By the end of Phase 3, the co-op will have completed:

  • Education session
  • Unit inspections and checklists (100% of units)
  • Risk management plan (from template)

Earthquake Adjustments in British Columbia

Within the CHF Canada commercial insurance program, Co-operators offers earthquake coverage nationally.  Over the past several years Co-operators has worked diligently to ensure this coverage is available for all CHF Canada members, irrespective of where your co-op is located. Insurers commonly purchase reinsurance for this coverage, due to the potential severity and costs of claims derived from this coverage. In 2023, there were significant increases in the cost of this coverage in British Columbia. Essentially, reinsurance availability for insurers to purchase earthquake coverage for their clients in BC has decreased and the costs have increased. As a result of the global market increases in costs and availability of reinsurance, coops in BC will see some changes in the rates and earthquake deductibles. Please contact your local Co-operators advisor for more information.

Legal Assistance

Need expert legal assistance? Talk to a lawyer and enjoy confidential legal assistance at no additional cost.

Co-operators’ Legal Assistance Helpline provides you with convenient access to general legal assistance. They have added this free service as a new benefit that is automatically included with your policy. It covers almost any topic from contract disputes to employment or business-related issues, property concerns, tax investigations, and more.

There’s no limit on the number or length of your calls. Using the service is not considered a claim and it will not affect your policy. The Legal Assistance Helpline is available from 8 a.m. to midnight, local time, and 24/7 in emergency situations.

Take advantage of this new service by calling (toll-free) 1-855-953-1431.

Who to call for help

For any questions about CHF Canada’s commercial insurance program after you receive your material, you can call 1-800-465-2752 or send an email to ocarnahan@chfcanada.coop. If you have insurance-related questions, such as about coverage or premiums, please contact your Co-operators Advisor or Federated Account Co-ordinator. You can find their name and number on your policy declaration document. Co-operators and CHF Canada have the expertise to help you every step of the way. We are committed to making our co-ops safer and helping to keep your insurance affordable.

Consent to share

Signing a Consent to Share form will allow Co-operators to share your claims experience with CHF Canada so that we can make our Risk Management Program even better.  Don’t worry – any information shared will be confidential and will NOT impact your insurance premiums. 

Download the consent to Share Document