March 26, 2018 07:00
Martin-Éric Tremblay and Patrice Jean
The decision of Aviva Canada to leave the condominium market has made big noise in 2015. Three years later, the insurer tests a breakthrough with Lussier Dale Parizeau.
It is through a program designed by Lussier Dale Parizeau that Aviva has agreed to try his luck in the condominium market of Quebec. His experience is limited for now to the syndicates of co-ownership of a value of more than ten million dollars (M$).
Martin-Éric Tremblay, vice-president, Quebec and Atlantic canada, Aviva Canada, says that it is a pilot project of a duration of one year. «We’ll see what happens then. We want to accumulate the data to repeat our experience in this niche. Based on the results, we’ll see if we extend our program or if it keeps exclusively with Lussier Dale Parizeau. «
Mr. Tremblay said that his company has a willingness to return to the market of condominium quebec, despite all the problems he saw. «We want to learn from this and see how the market behaves. It is a small step, but also a beautiful event. We want to avoid making the same mistakes. «
Patrice Jean, president of Lussier Dale Parizeau, has revealed that it is his firm that has approached Aviva to mount this program. «We had been victims of the withdrawal of Aviva at the time. We had to find alternatives. The conditions were not always favorable to our clients, all the more that other insurers have tightened their underwriting rules by the following. «
This time, the approach of Lussier Dale Parizeau is based on prevention. The syndicates of co-ownership who want to join will have to show the efforts they are making in the matter. A prevention guide has been developed by the dealer to assist the directors of condos in their approach.
Conditions more severe
«In some cases, it can not walk, especially for those who are in search of the lowest bidder. We want to deploy our program in an intelligent way. It therefore takes a commitment from the union of condominiums, » he says.
Even if the union of condominiums is committed at the level of prevention, it is not accepted. Are only accepted concrete buildings, under the aegis of managers with training in the field. The buildings of brick and wood are therefore excluded, which caused heavy complaints over the years, » explains Pierre Gravel, broker responsible for the portfolio management and insurance programs condos Lussier Dale Parizeau. The latter conceives of addition of programs in this market since the mid-1980s.
The assessment of the building should also be well made. The calculation of the value of$ 10 Million must include the costs of the architect, the costs of clearing, as well as the taxes.
Have systems of protection of water damage, installed in the building is a plus. Very few contractors install during the construction of a building, said Mr. Gravel.
Are there a lot of buildings that can meet those criteria in Quebec ? There are more and more, » says Mr. Gravel, although this is not yet the majority. The Tour des Canadiens, Montreal, is an example, he points out. «This is where are the great values at this time «, he says.