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CHF Canada provides a unique and important insurance program to its members.
This program, offered through The Co‑operators General Insurance Company, provides insurance to cover buildings and property owned by the co‑op, and liability coverage for the premises, directors and volunteers.
Currently, 86% of CHF Canada members participate in the commercial insurance program, which is extremely high for an association group program of any kind.
CHF Canada’s commercial insurance program has been uniquely tailored to housing co‑ops — it includes director and volunteer accident coverage, and guaranteed replacement cost. Guaranteed replacement cost covers the actual cost of rebuilding the co‑op in case of a large, or even total, loss of the buildings. Whereas most, if not all, insurance companies pay a claim only to the limit of the building value used to calculate the property premium, this coverage guarantees to pay the total cost of the rebuild even if the resulting costs are higher than the insured building valuation.
CHF Canada holds the master policy on behalf of client co‑ops, and the program is only offered to CHF Canada members. The program is loss-driven, not market-driven, which means that rates are not influenced by market conditions but only by the group’s performance. CHF Canada is greatly involved in the program, including setting rating and coverages, and acts as an advocate for its members in resolving issues or claims.