Market Outlook
This term describes the current state of the insurance market, characterized by sustained carrier contraction and elevated risk exposure
What is a "Hard Market"?
This is the exact time of day insurance coverage ALWAYS expires on the renewal date.
What is 12:01 AM?
New insurance requirements from these two entities are set to take effect on this specific date.
What is July 1, 2026?
For Directors & Officers (D&O) insurance, this is the maximum number of days an insured has to provide written notice of a potential claim after becoming aware of it.
What is 90 days?
FirstService Residential was established in this year.
What is 1989?
While still a hard market, these two positive signs have emerged: rate increases are more selective, and there are fewer of these last-minute carrier actions
What are non-renewals and carrier exits?
Boards should expect to receive their renewal proposal approximately this many days before the actual renewal date.
What is 14 to 21 days?
Under the new July 2026 rules, this is the new maximum deductible limit per unit.
What is $50,000?
This is the only month that starts with "Feb."
What is February?
FirstService Residential has this many Values.
What is six?
Name one famous Muppet frog.
Who is Kermit the Frog?
This is the only color that ends in "urple."
What is "purple?"
This specific requirement, previously used to adjust for rising costs, has been removed from the updated association-level changes.
What is the inflation guard requirement?
FirstService Financial’s purpose is to help boards fulfill these specific responsibilities by satisfying their need for financial services.
What are fiduciary responsibilities?
This is FirstService Residential's mission statement
What is to deliver exceptional property services that enhance the value and enjoyment of every property we serve?
Regarding property deductibles, this specific type of deductible is often structured as a percentage of the Total Insurable Value (TIV) rather than a flat dollar amount.
What is a Wind Deductible?
If a community manager has not received a notification by this many days before renewal, they are instructed to reach out to the insurance team
What is 90 days?
This was the first year the iPhone was launched.
What is 2007?
According to policy language, an insured must report a claim even if this legal action has not yet been filed.
What is a lawsuit?
Out of all the Disney films, one main character speaks the least. Which one is it?
Who is Dumbo?
This specific exclusion in General Liability policies excludes coverage for claims involving incidents at pools, gyms, or youth programs.
What is the Abuse or Molestation Exclusion?
The insurance timeline officially begins with this survey, sent out 150 days before the renewal date.
What is the SmartSheet COPE survey?
One major change is the elimination of strict documentation requirements for this, as well as no longer requiring roofs to be insured at this level.
What is full replacement cost?
Carriers may issue these if a community does not handle phone or physical inspections in a timely manner.
What are mid-term cancellations?
It’s not a budget report, but it helps decide where dollars are best spent to support associates.
What is the Voices Survey?