Condo Media - March 2011 - 36
VENDOR SPOTLIGHT
Commonwealth Insurance Partners LLC
Brokerage Services and Risk Management for Multifamily Residences
by Pamela Schweppe hat’s the first thing you do when you buy new clothes? You try them on. It’s not so easy with insurance. Insurance is one of the most important purchases you can make when it comes to protecting your condominium association. But how do you know that your policy is the right fit for your needs? That’s where Commonwealth Insurance Partners comes in. For 25 years, the insurance brokerage and risk management firm has been ensuring that condominium complexes have the proper coverage should the unthinkable occur.
W
A Policy of Optimal Service
Located in Quincy, Mass., just a short spin down the Southeast Expressway from Boston, Commonwealth Insurance is licensed in 15 states but concentrates on the New England area. Condominium associations “are the agency’s primary focus” and range in size from four to 4,400 units, according to John F. Hegarty, president and CEO. Hegarty adds that Commonwealth Insurance works hard to provide the proper coverage for any potential loss that might occur, from flood, earthquake or fire to a liability loss. An important aspect of the policy that is specific to condominium associations is protection for board members, property managers and unit owners. To provide this coverage, Commonwealth Insurance relies on its longstanding relationship with more than a dozen respected insurance carriers, including Arbella, Greater New York,
MiddleOak, Quincy Mutual, Tower, Travelers, Zurich and many others. It also relies on an understanding, based on experience, of just exactly what kind of coverage is needed. A lot of considerations go into that determination, according to Wade Callander, Commonwealth Insurance’s sales executive. “Location, size, the number of stories, the age of the building, even special circumstances like whether it’s coastal property, the type of construction, the management of the property — it all gets factored in.” “Each association has its own risk,” Hegarty agrees. “The board’s ultimate concern is, if there’s a problem, who’s there to pay for it? The unit owner’s ultimate concern is getting their home back to the way it was five seconds before the event occurred.” Similarly, insurance carriers have distinguishing characteristics that only a firm with in-depth knowledge of the industry would be sensitive to. “We don’t just market the accounts out to 15 companies,” Callander says. “Each carrier has its own niche. What we do is riskmanage the account with the objective of matching the company to that risk.”
Staying in Touch Is More than Just a Claim
Once the match is made, Commonwealth Insurance’s involvement doesn’t end there. “What we’re selling is our reputation,” says Hegarty. “That means not just underwriting risk, it also means working with the association to make the capital improvements that reduce risk in the future.” He
explains that if an association has multiple claims relating to a single problem, for example water damage from freezing pipes, the carrier may cancel the policy. And once that happens, it may be difficult to find another one — especially one that’s affordable. Part of Commonwealth Insurance’s service is finding creative ways to mitigate an association’s liability — while staying within the confines of its budget. “We inspect the property to see what they should be doing to prevent future claims,” says Sharon CiaburriViveiros, the company’s director of operations. “Less claims in the future add up to lower premiums.” A case in point is Harvard Ridge Condominium Trust in Boxborough, Mass. Jim Syiek, a trustee of the association, recalls a problem that occurred about seven years ago, when their then-carrier did not renew their policy due to a continuing problem with leakage from hot water heaters located in building attics. Not only did Commonwealth Insurance find a new carrier at what Syiek terms a “reasonable rate,” they also worked with the board and the property manager to find solutions to rectify the situation. “It was a collaborative process between Commonwealth, the management company and the board,” Syiek explains. “Wade was very cooperative in trying to find ways to decrease the insurance risk without increasing the cost. And whenever we need attention, he is always available and helpful. We’re very satisfied with Commonwealth.”
36
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Condo Media - March 2011
Table of Contents for the Digital Edition of Condo Media - March 2011
Condo Media - March 2011
Table of Contents
From the CED’s Desk
Editorial Board
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Net Gain
Vendor Spotlight
Landscaping
Maintenance
Legislative Update
Advertisers Index
Classified Service Directory
Condo Media - March 2011 - Condo Media - March 2011
Condo Media - March 2011 - Cover2
Condo Media - March 2011 - Table of Contents
Condo Media - March 2011 - From the CED’s Desk
Condo Media - March 2011 - 3
Condo Media - March 2011 - Editorial Board
Condo Media - March 2011 - 5
Condo Media - March 2011 - CAI News
Condo Media - March 2011 - 7
Condo Media - March 2011 - 8
Condo Media - March 2011 - 9
Condo Media - March 2011 - 10
Condo Media - March 2011 - 11
Condo Media - March 2011 - 12
Condo Media - March 2011 - 13
Condo Media - March 2011 - 14
Condo Media - March 2011 - 15
Condo Media - March 2011 - 16
Condo Media - March 2011 - 17
Condo Media - March 2011 - 18
Condo Media - March 2011 - 19
Condo Media - March 2011 - CAI Regional News
Condo Media - March 2011 - 21
Condo Media - March 2011 - 22
Condo Media - March 2011 - 23
Condo Media - March 2011 - Asked & Answered
Condo Media - March 2011 - 25
Condo Media - March 2011 - Homeowner’s Corner
Condo Media - March 2011 - 27
Condo Media - March 2011 - Net Gain
Condo Media - March 2011 - 29
Condo Media - March 2011 - 30
Condo Media - March 2011 - 31
Condo Media - March 2011 - 32
Condo Media - March 2011 - 33
Condo Media - March 2011 - 34
Condo Media - March 2011 - 35
Condo Media - March 2011 - Vendor Spotlight
Condo Media - March 2011 - 37
Condo Media - March 2011 - Landscaping
Condo Media - March 2011 - 39
Condo Media - March 2011 - 40
Condo Media - March 2011 - 41
Condo Media - March 2011 - Maintenance
Condo Media - March 2011 - 43
Condo Media - March 2011 - 44
Condo Media - March 2011 - 45
Condo Media - March 2011 - Legislative Update
Condo Media - March 2011 - 47
Condo Media - March 2011 - 48
Condo Media - March 2011 - 49
Condo Media - March 2011 - 50
Condo Media - March 2011 - Classified Service Directory
Condo Media - March 2011 - 52
Condo Media - March 2011 - 53
Condo Media - March 2011 - 54
Condo Media - March 2011 - 55
Condo Media - March 2011 - 56
Condo Media - March 2011 - Cover3
Condo Media - March 2011 - Cover4
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