Why Eli Report is partnering to offer condo insurance to BC stratas

Eli Report has been extracting what matters from condo documents for several years, helping owners, buyers, realtors, lawyers, notaries, property managers and other stakeholders better understand the communities that are important to them.  During this time, insurance premiums have risen dramatically alongside deductibles, placing higher costs and additional burdens on condo owners. Property managers and strata council members have been taking the heat for the high pricing that is beyond their control.

For reasons that insurance pricing has been high, see the BCFSA report from December 2020. While there are justifiable reasons for the cost of insurance rising, we are partnering to offer condo insurance as we believe many communities are being charged more than they deserve.

Our parent company, OctoAI Technologies Corp., and its partners will give credit for the steps stratas and their property managers are taking to enhance and protect their communities.  This includes a combination of proactive maintenance, addressing underlying issues from prior claims, having adequate reserves and a current depreciation report, and loss prevention measures where applicable.

Insurance is a regulated business for very good reasons. We will be working with existing, established insurance partners including BC-based Axis Insurance to bring new capacity to the market. The impact of this is positive; adding supply will help everyone as the market gets back into balance.

Here is our commitment to strata council members and property managers:

• We will make it easier to apply for a condo policy: simply upload your condo documents and answer a single question
• We will get back to you within 24 hours to acknowledge your application
• Our partners will get back to you within a week to provide a quote if they are able
• Our partners commit to excellent customer service, and we will advocate for you

Does this cost the strata anything?  There is no cost to apply and no additional costs with policies from our partners. You might even save with coverage tailored to your condo. As a bonus, just for applying you will receive a free Eli Report on your strata.

Learn more at https://octoai.com/

* Condo documents include meeting minutes, bylaws, rules, budgets, insurance summaries, depreciation reports, engineering reports, strata plans, most recent appraisal, loss run, and prior insurance application. Missing or outdated documents, as well as issues specific to older buildings, may result in additional questions being required to provide a quote or bind coverage.