MemberNovember 20, 2022 at 2:12 pm
I used to be a commercial insurance broker.
When I was the president of my condo we received a quote from Desjardin and I compared it to our incumbent quote. We decided to stay with the incumbent as it is a better policy and our condo was going through a very turbulent time (higher risk for an insurance claim). I think the deciding factor for us to stay with the incumbent instead of switching to Desjardin is because the directors and officers insurance policy with Desjardin wasn’t amazing.
Every policy is different so you have to compare the quotes to make sure you are comfortable with any exclusions.
As a board member, you will be fulfilling your fiduciary duty by making sure the insurance policy you go with is compliant with legislation. Once you determine that the polices you are comparing are compliant with legislation you just have to decide if the extra coverages each quote is offering are worth the money.