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Insurance

HOW TO MANAGE THE IMMEDIATE COVID-19 FALLOUT WHILE PREPARING FOR A POST-PANDEMIC FUTURE

Posted in Coronavirus, Industry Trends, Insurance, Newsworthy, Professional Services

HOW TO MANAGE THE IMMEDIATE COVID-19 FALLOUT WHILE PREPARING FOR A POST-PANDEMIC FUTURE

Industry leaders should begin preparing right now for the post-pandemic business environment, while still managing the immediate fallout of COVID-19, two partners of a strategy consulting firm said recently. This includes spending time envisioning the future, developing a strategy to “walk back” the envisioned future to today, being prepared to learn and pivot, and rallying your team around the vision. Business leaders (including those in the insurance industry) are scrambling to react to how...

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FAIRFAX PREDICTS COURT’S REACTION TO LEGISLATED RETROACTIVE BI POLICY CHANGES

Posted in Coronavirus, Finance, Industry Trends, Insurance, Newsworthy, Professional Services

FAIRFAX PREDICTS COURT’S REACTION TO LEGISLATED RETROACTIVE BI POLICY CHANGES

If laws get passed retroactively changing business interruption policy wording so that pandemic losses now get covered, insurers will likely launch legal challenges that will be looked at by high court judges, Fairfax Financial CEO Prem Watsa suggests. During Fairfax’s annual general meeting April 16, a shareholder asked company officials what impact the COVID-19 pandemic will have on specific commercial lines such as business interruption. “A big headline issue I would say with the insurance...

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SHOULD INSURERS BE FORCED TO COVER BUSINESSES FOR COVID RELATED LOSSES?

Posted in Coronavirus, Finance, Industry Trends, Insurance, Newsworthy, Professional Services

SHOULD INSURERS BE FORCED TO COVER BUSINESSES FOR COVID RELATED LOSSES?

A Regina-based law firm has issued a national class action against indemnity insurers in Canada that are not paying business owners for losses accumulated due to the COVID-19 pandemic. Tony Merchant, the principal lawyer of Merchant Law Group, says the action names the 10 largest providers of insurance in Saskatchewan and Canada, including Desjardins Financial Security Life Assurance Company and Co-Operators General Insurance Company. As of Friday, the class action has few plaintiffs, but...

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RENTAL HOUSING HIT BY RISING INSURANCE COSTS

Posted in Finance, Industry Trends, Insurance

RENTAL HOUSING HIT BY RISING INSURANCE COSTS

B.C. landlords large and small are struggling with big hikes in their insurance premiums, which they say will, in turn, put pressure on renters. There are no reports yet of apartment buildings being hit with insurance rate hikes as extreme as the biggest hitting the strata sector — where some B.C. condo buildings have reported 400 per cent hikes in premiums. But landlords are reporting an average increase around 30 per cent this year. Combined with the B.C. NDP government’s move in 2018 to...

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SIX STEPS TO PROTECT YOUR MULTIFAMILY ASSETS FROM PET LIABILITY

Posted in Insurance

SIX STEPS TO PROTECT YOUR MULTIFAMILY ASSETS FROM PET LIABILITY

As I’m sure you know, pets are a big business in the apartment industry. Not only does a pet-friendly community tap a larger rental pool, but residents in pet-friendly buildings stayed an average of 46 months, compared to 18 months in rentals that prohibit pets, according a study by Firepaw, a non-profit that promotes animal welfare. In addition, there’s the ancillary income generated by pet-friendly buildings. Depending on the state, most apartment communities charge a non-refundable one-time...

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SLIP AND FALLS: HOW TO LIMIT YOUR LIABILITY

Posted in Health & Safety, Insurance, Legal, Professional Services

SLIP AND FALLS: HOW TO LIMIT YOUR LIABILITY

In Canada, winter comes with lots of snow and ice, which can lead to injuries from slips and falls. Property managers will often hire snow removal contractors for services during the winter months and depending on the situation, snow removal contractors will be liable if there is a slip and fall. Please read below to learn more. Who is Liable if there is a Slip and Fall? With the increase in personal injury lawsuits in Ontario, multi-residential property owners and managers, including...

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‘I’m just stuck’: Downtown Windsor landlord says tenant board backlog means evicted client can’t be removed

Posted in Bylaws / Regulations, Communications, Finance, Health & Safety, Housing, Industry Trends, Insurance, Legislation, Maintenance, Newsworthy, Real Estate Law, Tenancy Law

‘I’m just stuck’: Downtown Windsor landlord says tenant board backlog means evicted client can’t be removed

Downtown Windsor landlord Marie Vieira successfully argued an eviction case in front of Ontario’s Landlord and Tenant Board (LTB) last November. At the time, she received verbal confirmation that a tenant who caused more than $15,000 worth of water damage to two rental units after forgetting to turn off the tap would be evicted. Due to a backlog within the LTB, however, Vieira says she’s still waiting to receive a sheriff’s notice that will allow her to formally evict her...

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Half of $500K Sudbury social housing writeoffs due to damaged units

Posted in Bylaws / Regulations, Communications, Finance, Fire Safety, Health & Safety, Housing, Industry Trends, Insurance, Interior Building, Legal, Legislation, Maintenance, Newsworthy, Real Estate Law, Tenancy Law

Half of $500K Sudbury social housing writeoffs due to damaged units

Crisis at Landlord/Tenant Board makes complicated eviction process harder, council told. Evicting tenants who damage their social housing units or don’t pay their rent is a complicated process made much harder by problems at the Landlord/Tenant Board, city council heard this week. Barbara Dubois, the city’s director of housing operations, outlined the process Tuesday for addressing issues with problematic clients of Greater Sudbury Housing Corp. The city has 1,848 housing units,...

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Airbnb’s $30 Billion Listing Must Do More for Cities

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Housing, Industry Trends, Insurance, Legal, Legislation, Newsworthy, Real Estate Law, Tenancy Law

Airbnb’s $30 Billion Listing Must Do More for Cities

Which would you prefer: cheaper rent or a cheaper holiday rental? I’d wager heavily that most people would answer “rent.” It’s a bigger slice of personal spending. Short-term accommodation accounted for just 1% of U.S. household budgets in 2016, compared to the 16% spent on housing, according to analysis from the Economic Policy Institute, a think tank based in Washington, D.C. The rise of the sharing economy means the prices of both are linked more than ever. Airbnb Inc., which revolutionized...

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Ontario landlords aren’t the problem, the Landlord and Tenant Board is

Posted in Bylaws / Regulations, Communications, Finance, Health & Safety, Housing, Industry Trends, Insurance, Legal, Legislation, Newsworthy, Real Estate Law, Tenancy Law

Ontario landlords aren’t the problem, the Landlord and Tenant Board is

Adam Kitchener is a landlord with properties in Ontario. He has provided affordable housing to over 150 families including 60 refugees. He has also repositioned several large struggling multifamily complexes and works for landlords to provide quality housing across Ontario. Despite what you might have seen In the media, most landlords aren’t raising rents in a get-rich quick scheme. In fact, in today’s rental climate, many landlords of small- to medium-sized properties are barely breaking...

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