Condo Board Secures Insurance Just in Time, Saves $250K

Challenge

In early December, a condo association learned its insurance would not be renewed on December 31 due to a large, unresolved hail claim. Their broker gave no warning, no solution and had communicated little during their 15-year relationship.

The association urgently needed insurance—and a better broker. After consulting other condo boards for referrals, the board called Hylant on December 23.

Solution

Hylant’s real estate team immediately reviewed the association’s existing insurance program, noting an absence of directors and officers coverage, meaning board members were vulnerable. Leveraging its network of carriers and working through the holidays, Hylant secured the necessary policies by the deadline. The cost was higher than the previous program but $250K less than the original broker’s January offer—received two days after coverage expired.

To further assist the board members, Hylant’s property-specific claim advisor investigated the ongoing hail claim. Feeling that the association wasn’t getting the service it deserved, he began calling the contractor regularly on the board’s behalf to ensure that restoration was being addressed in a timely manner.

Proactive communication, transparency and a dedicated broker committed to your best interests can save your condo board time, money and stress while securing better insurance solutions.