Logo - CHF Canada

Your 2022 commercial insurance renewal and update

Your 2022 commercial insurance renewal and update

Your 2022 renewal documents and invoice are coming soon! Co-operators will send your 2022 renewal documents and invoice directly to your co-op starting in November 2021.

Download this update as a PDF

Commercial insurance rates continue to increase in direct response to a number of challenges. This is industry-wide, felt across the globe, and not specific to Co-operators.

Even prior to the pandemic, sizeable rate increases were common and necessary because of:

  • More frequent and severe weather events that cause property damage and claims for water, wind, hail, and heat-related fire damage.
  • A marked increase in certain types of large loss, such as residential fires.
  • Increases in the average cost of each claim because of increased material and skilled-labour costs.
  • An overall increase in lawsuits, defence costs and liability claims.
  • Significant increases in the cost of the reinsurance purchased by commercial insurers as a required safeguard against catastrophic events. Costs in this global market are heavily influenced by results and global events.

While the COVID-19 pandemic is not the root cause of these challenges, it has added pressure. Our current
situation has further increased material and labour costs, added the expense of additional safety measures
and protective equipment, created supply-chain delays, driven sharp inflation increases, and lengthened repair times and the duration of claims.

More directly, CHF Canada’s commercial insurance program has continued to experience large fire losses and an increased frequency of claims for water-related damage. Its program for Directors and Officers Liability coverage has also been challenged by increasing numbers of claims related to discrimination.

Claims free guarantee

If your co-op has remained claims free for a period of five years or longer, this endorsement will be added to your policy at no additional cost. Co-ops that have not made any claims in the past five years will continue to qualify for this coverage so that the first time they do make a claim, it’s forgiven and will not count towards their loss ratio or affect their discount or surcharge. So co-ops should think twice about making small or unnecessary claims and be encouraged to become claims-free to take advantage of this unique and important coverage. If you have a second claim within five years, a claims surcharge will apply. Contact Co-operators for risk-free claims advice.

Premium changes

Each year, we review loss experience and future risk indicators to make sure our rates and the premiums we collect are sufficient to cover the anticipated cost of future claims and the administration of this program. Our base adjustments vary by region.

Average premium changes by region for 2022:

  • Atlantic provinces: loss experience and claims activity in this region required an overall premium increase of 8.0%.
  • Ontario: loss experience and claims activity in this region required an overall premium increase of 8.2%.
  • Western provinces: Loss experience and claims activity in this region required an overall premium increase of 10.3%. Challenges continue, but there is evidence of improvement and that loss prevention efforts are paying off.

Your co-op’s individual renewal premiums are also influenced by:

  • Your status in our Qualifier program:
    • Gold = 3% credit
    • Gold Plus = additional 5% credit *
    • Silver = No change
    • Silver Plus = additional 5% credit *
    • Bronze = 20% surcharge

* Additional credit for returning the Risk Management Program checklists

Co-ops that return completed Risk Management checklists to CHF Canada by August 30, 2022 will see an additional “Plus” level credit of 5% for a total of 8% on Gold Plus and 5% on Silver Plus status on the Qualifier. It not only pays to keep your co-op safe by checking units for common risks found on the Checklist, but sending it in to CHF Canada also saves you money on your premium!

If you would like to know what status your co-op has achieved and what it would take to move up to the next level, please contact your Co-operators advisor.

  • An annual inflation adjustment of 3% will be applied in all regions in 2022, to make sure your building and contents coverage limits keep up with inflation. If you’ve had a building valuation assessment within the past 18 months, the inflation adjustment will not apply.
  • Your five year loss ratio. Your individual experience and commitment to maintenance and loss prevention results in a credit or surcharge.

If you have questions about the changes in your insurance premiums, please refer to your Co-operators advisor.

Help to cut costs— increase your deductible

One of the ways your co-op can offset the cost of higher premiums is to raise your deductible.
Here’s the deductible savings chart showing the percentage saved on raising to a higher deductible.

Region Raise your deductible to Save on your property rate
All regions $2,500 10%
$5,000 15%
$10,000 25%
$25,000 40%

CHF Canada’s Risk Management Program

CHF Canada, working with its partners, Co-operators launched its Risk Management Program in 2017.

Every year, we have helped member co-ops check their homes for common risks that could cause injury or lead to claims for property damage. When your own co-op does this, and returns the unit checklists to CHF Canada, your work counts—your home is safer and your co-op’s next insurance premium is reduced.

Risk Management gives you a safer co-op, fewer claims, and savings

While the Risk Management checklist response rate improved slightly in 2021 it is still far below what we are expecting. With only 25% participation in the Risk Management Program, there is a lot of room for members to find additional discounts in their annual premiums. We need your completed checklists and your feedback to help us offer a more effective Risk Management program in the future.

CHF Canada and Co-operators are working hard to produce an even better and more useful Risk Management Program to be delivered next year. We are reaching out to members, managers, and other stakeholders to find out what you need to help with risk management in your co-op. We are excited to be adding elements to the program, like education resources and board and member awareness to help identify and fix common risks in units and common spaces. Many risks are preventable, and preventing them keeps the co-op and its members safer and can contribute to lowering insurance premiums for everyone in the program.

Your local Co-operators Financial Advisor, Co-operators Loss Prevention Team and Owen Carnahan, CHF Canada’s Co-ordinator, Insurance and Risk Management, are all available and always at your service to help with loss prevention.

Expect to see more on our website—and, with Co-operators, we will offer some short webinars that you or your co-op manager can put to good use.

If you have a question about risk management, or need more information, contact Owen Carnahan at ocarnahan@chfcanada.coop, or 1-800-465-2752, ext. 236.

Make risk management part of your co-op’s mission!

Saving money!

As you read above, you can now save money on your renewal premium by sending in your
completed checklists to CHF Canada. Participating and returning your completed checklists will go a long way toward achieving the “plus” status and saving your co-op money!

So watch your email in early 2022 for the next risk management program package coming your way.

Why are we doing this?

  • To make sure your co-op’s members are safe! Our Risk Management program is based on our past claims history. Checking for common risks could help prevent fires, accidents, severe injuries, or massive property damage.
  • To prevent risks, which helps lower insurance premiums for everyone in the program. With fewer claims, everyone in the program saves money.
  • To save money for your own co-op! Your insurance premiums are based on your individual
    co-op’s loss ratio so if you reduce the number of claims, you could get a credit on your final invoice.
  • If you don’t find and fix the risks in your units, it could impact your insurance coverage.


The minimum indemnity period has increased.

Repairs are taking longer these days, and it is important that co-ops are covered for loss of housing charges.

The minimum indemnity period for Loss of Income (Housing Charges) will increase from 12 months to 18 months so that our co-ops are more protected.

The minimum limit for Commercial Blanket Bonds has increased.

This protects your co-op against the risk of dishonest acts by an employee or director. The minimum limit for Commercial Blanket Bond has increased from $25,000 to $50,000.

Other coverage changes

  • New property wordings
    • New Data and Cyber exclusion to replace the former Data exclusion
    • Virus and Hacking extension is no longer available (applies to all Co-operators policies)
    • Privacy Breach Expense coverage is automatically included for any Association or Property Management Company that does not already carry the Privacy Breach Liability endorsement.
  • New liability wordings
    • Updated and enhanced Commercial General Liability policy wordings
    • A copy of the new wordings will be sent to you with your renewal documents

Consider increasing your Directors and Officers liability coverage limit.

Courts are awarding larger legal settlements. We encourage co-ops to consider increasing Directors and Officers liability coverage limits to ensure they are covered in the event of a large claims settlement. We now offer limits up to $5 million. Contact your Co-operators Financial Advisor to discuss the options available to make sure your co-op is protected.

New service: Legal assistance

Need expert legal assistance? Talk to a lawyer and enjoy confidential legal assistance at no additional cost. It’s a new service included with your policy.

As of January 15, 2022, this free service will be included with your policy.

Our Legal Assistance Helpline provides you with easy, convenient access to general legal assistance. We’ve 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 won’t affect your policy. The Legal Assistance Helpline is available from 8 a.m. to midnight local time, and 24/7 in emergency situations.

Starting on January 15, 2022, you can take advantage of this new service by simply 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 info@chfcanada.coop. If you have insurance-related questions, such as questions about coverage or premiums, please call your Co-operators Financial Advisor. 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 keep your insurance affordable.

CHF Canada and Co-operators—working together to make sure you’re covered!