Wording
Is Guaranteed Building Replacement available for detached structures?
No - see 1.1.6
Strata Building Improvements covers...
loss or damage for building improvements, additions, or changes made or purchased at the owner's expense
What are Strata Assessments?
When strata determines one or more condo owner(s) must pay a dollar amount due to an insurable loss occurring.
What colour on the pie chart indicates that something has been billed?
Yellow
What is the first question you should ask if someone wants to cancel their policy?
May I ask why?
If I have $40,000 in personal property, plus I choose the $10,000 category for jewelry, do I get a total of $50,000 in a total loss why or why not?
No – see 1.1.19 #1)
Strata Property Damage covers...
property damage assessed to the unit owner
How much Strata Liability coverage does a condo policyholder get?
The amount will match what they chose for their personal liability.
What are the three key Billing Center tabs you will look at for most of your transactions?
Payments, Invoices, and Delinquencies.
Who can authorize a backdated refund?
Managers or Level 2 Agents
What are the three conditions for guaranteed building replacement?
1.1.6 a) accept our valuation and insure your home to this value, b) promptly tell us about any renovations, alterations or additions over $25,000; and c) within a reasonable time frame, rebuild on the same site and with materials and design of the same kind and quality.
Strata Unit Protection covers...
loss or damage to a customer's unit caused by insured damage if the Strata('s): Does not repair the unit; Insurance is not sufficient/available
What is the limit of coverage our base policy provides for Strata Insurance Deductible Coverage?
$25,000
What are the three types of billing transactions that should be completed in Policy Center?
1) Change payment instrument, 2) set up non-responsive payment plan, and 3) change payment date (non-responsive).
How does the cancellation process differ when done over the phone versus face-to-face?
On the phone: Cancellation process document (Docusign and create a Salesforce Case for Omnichannel Followup if needed)
Face-to-face: follow SL’s process (generally the customer will sign in person).
What are some benefits of scheduled property coverage?
3.9 No depreciation, no deductible, separate limit of coverage, up to $5000 for additional or replacement item (must schedule within 30 days of purchase), buys back sporting equipment exclusion.
What limits are available for the Strata Protection Coverage?
$250,000, $500,000, $750,000
What is the maximum amount of Extra Strata Deductible Coverage a customer can purchase?
$75,000
What is the difference between the Bill Date and the Due Date?
When is a wet signature required on the Cancellation Form?
For Cancellations involving Owners of Strata Plan, Estate Policies, and POA transactions
Is there any coverage for lost wages under Identity Theft Coverage?
Yes - see 3.21.2 8) lost wages up to $500 per week for 4 weeks while dealing with an identity theft issue.
Can you customize the Strata Unit Protection and the Strata Insurance Deductible Earthquake limits?
No, only the Strata Insurance Deductible Earthquake limit. The Strata Unit Protection Earthquake limit is based on the Strata Protection Coverage Limit and cannot be adjusted.
Are condo owners subject to the $5000 deductible for Polybutylene (PolyB) losses?
No, the $5000 plumbing deductible does not apply to Condo or Renters policies.
What do you do if a customer calls in to update their payment method after the Bill Date has passed?
Call OCSA to cancel the payment request. Then, create a new Payment Request using the new Payment Instrument provided or collect the premium via Direct Bill Payment.
What documents are required in order for an executor of an estate to cancel a policy?
Death certificate
Will
Signed cancellation form or brokerage letter