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?
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?
Failing to report a D&O claim within the required window can result in this, even if the claim would have otherwise been covered.
What is voiding coverage entirely?
Carrier participation remains particularly limited for these three specific types of properties or locations.
What are condominiums, older properties, and high-risk geographies (like wildfire-exposed areas)?
To ensure coverage is bound, signed proposals must be sent to the insurance team no later than this day
What is the day before renewal?
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?
To ensure "peace of mind," this must be disclosed in all communications with clients, including third-party materials.
What is the relationship (between FirstService Financial and FirstService Residential)?
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?
Unit owners must carry H06 coverage if the master policy has gaps or if these are applicable.
What are deductibles?
This entity is held responsible for monitoring proper disclosure statements to ensure they are clear and concise.
What is the Management Company?
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?