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Guidelines for Water Damage Excess Deductible Coverage

Broker Registration Process

**PLEASE NOTE** You can only register by clicking on the registration instructions below.

  • If you encounter any issues registering, please email: deductiblebuydown@chutteruw.com

  • All brokers must first register to gain access to the online system.  

For Full Registration Instructions Click Here.

For Brokers who have already registered and have online portal access, Sign in Here.

Application Process

  • If you have any issues while completing the application, please email: deductiblebuydown@chutteruw.com

  • An application must be completed in full for each coverage request (one unit per policy).

  • Residential Condos must have a primary condo unit owners policy in effect, with a minimum of $25,000* strata deductible buydown coverage.

  • Commercial Strata units must have minimum $25,000** Self Insured Retention amount.
     

       Required information to complete Residential Application:

  • From Residential unit owner’s insurance policy:

    • ​The Strata Deductible Assessment Coverage limit.

    • The policy number and expiry date.

    • The name of the Insurer.

  • ​From Strata Corporation’s Policy Summary:

    • ​Strata Corporation’s Water Damage Deductible amount.

       Required information to complete Commercial Application:

  • From Commercial Strata unit owner’s insurance policy:

    • ​The operations of the Insured.

    • The effective date.

    • The expiry date.

  • The Commercial application is for owners without an underlying policy, who agree to a Self Insured Retention limit (the dollar amount to be paid by the Named insured or on behalf of the named insured before there is any liability by the insurer under this policy).

Quoting and Binding 

  • You cannot quote and bind on the same day; you must advance the effective date to bind coverage.

  • After submitting the application, a PDF quote document will be available to download and send to your client for approval.

  • You can edit a quote by clicking on the pencil icon.

  • Do not enter the amount of excess coverage you wantOur system calculates excess water damage deductible coverage from the strata's water damage deductible amount and the limit of coverage on the unit owners policy/Self Insured Retention amount. The excess amount bridges the gap in coverage.

  • Residential Condominiums – Self-Quote & Bind maximum limit* of excess coverage is $650,000.

    • $25,000 primary up to $75,000 excess​

    • $35,000 primary up to $65,000 excess

    • $50,000 primary up to $450,000 excess 

    • $75,000 primary up to $425,000 excess

    • $100,000 primary up to $650,000 excess

    • $200,000 primary up to $550,000 excess

    • $250,000 primary up to $500,000 excess

    • $300,000 primary up to $450,000 excess

    • $350,000 primary up to $400,000 excess

    • $500,000 primary up to $250,000 excess

  • Minimum Retained Premium for this Product is 25%.

  • Commission payable is 15%.

  • Policy fee is $35 (non-refundable).

  • *Custom quotes available for underlying minimums less than $25,000, and for Strata deductibles up to $1,000,000.

  • Commercial Strata Units - Self-Quote & Bind maximum limit** of excess coverage is $200,000.

    • $25,000 self insured retention up to $75,000 excess

    • $50,000 self insured retention up to $200,000 excess

    • $75,000 self insured retention up to $175,000 excess

    • $100,000 self insured retention up to $150,000 excess

  • Minimum Retained Premium for this Product is 25%.

  • Commission payable is 15%.

  • Policy fee is $35 (non-refundable).

  • **Custom quotes available for Self Insured Retention less than $25,000, and for Strata deductibles up to $650,000.

  • Residential Custom Quote:

    1. ​Log into the deductible buydown website.

    2. Click on Application, select Residential, and fill out the application accurately and completely.

    3. When you get to “Amount of Condominium Deductible Assessment Coverage Provided by the Unit Owners Policy”, click the arrow and from the drop-down list, select “Custom Amount”, then, type in the owner’s policy limit.

    4. In the line for “The Greater of the Strata Corporations Water Damage Deductible or All Loss Deductible”,
      type in the Strata Corp Deductible amount.

    5. Do not enter the amount of excess coverage you want. The system calculates the amount based on the
      limits entered above.

    6. When the application is completed and accurate, click “Get A Quote” and you will receive a quote within one
      business day of submission.

  • For a Commercial Custom Quote complete the Commercial Application as follows:

    1. Log into the deductible buydown website.

    2. Click on Application, select Commercial, and fill out the application accurately and completely.

    3. When you get to “Self Insured Retention Amount”, click the arrow and from the drop-down list, select “Custom Amount”, then, type in the amount of Self Retained Insurance the owner has agreed to.

    4. In the line for “Strata Corporations Water Damage Deductible”, type in the Strata Corp’s Deductible amount.

    5. Do not enter the amount of excess coverage you want. The system calculates the amount based on the limits entered above.

    6. When the application is completed and accurate, click “Get A Quote” and you will receive a quote within one business day of submission.

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Water Damage / Fire Damage Deductible Buydown
(Residential Only)

Along with significant increases to “Water Damage” deductibles on strata corporation policies, in some cases Insurers have also raised the “All Loss” deductibles to extremely high levels.

 

Our program offers the option to add Fire Damage Deductible Buydown to the water damage deductible buydown policy. Fire coverage is not offered as a standalone product. If you wish to include the peril of fire on a policy, an additional premium will apply.

 

If you already have policies in effect that require this additional coverage, a new policy will have to be put into place. In that case we will cancel the old policy on a pro-rata basis and the minimum retained premium will not be applied.

Policy & Billing Process

  • To bind coverage and generate a policy, click on the “I Accept” button at the bottom of the online quote application document.

  • A complete policy is generated which you can download and send to the Insured.

  • Please note that you cannot backdate coverage. Therefore you must ensure that you generate the policy documents before the effective date of coverage.

  • All policies issued and effective during the month will be shown on your agency’s monthly billing statement issued by Chutter Underwriting Services.

Renewal Process

An automated renewal notification is emailed to the individual who created the original policy 45, 14, and 7 days before renewal. 

When the renewal notice is received:

  1. Search for your policy by entering the last five digits of the policy number (CSD-012345)

  2. Click on the renew button next to the policy and a pre-filled application will open.

  3. Carefully check the information and make any necessary updates/changes.

  4. Once review/revisions are completed, click “I accept” to generate a renewal quote.

  5. Download and email the quote to your customer for review and approval.

  6. If approved for binding, go back to the quote on the website, click on the PDF Icon, then click Bind Policy”. IF THE QUOTE IS NOT BOUND, THERE IS NO POLICY IN EFFECT.

  7. Download and issue the new policy to your client.

​​​

NOTE: Renewed polices are issued with a NEW POLICY NUMBER. You must update your clientfile with the new policy number at each renewal.

For Sample Residential Unit Declarations Page and Policy Wordings Click Here.

For Sample Commercial Unit Declarations Page and Policy Wordings Click Here.

Policy Endorsements / Cancellation & Other Requests 

  • All endorsement/amendment requests must be sent to deductiblebuydown@chutteruw.com .

  • Requests to increase or decrease insurance limits must be sent in writing to deductiblebuydown@chutteruw.com

  • If you lose your password please follow the instructions on our online portal to reset.

  • For mid-term revised limits, issue a replacement policy for your customer and send us confirmation of the new policy.  We will cancel the old policy on a pro-rata basis. The minimum retained premium will not be applied. A return premium will be calculated based on the cancellation date.

Eligibility Criteria

For Residential Condominiums

  • Available for unit owners living in their unit.

  • Available for seasonal condos which are used solely by the unit owner.

  • Available for units rented to a single family with a signed annual lease.

  • Available to unit owners offering short term rentals (AirBNB, VRBO) of less than 1 year (additional premium applies).  

  • Coverage may be available when there has been a prior water damage loss which originated from the unit within the last 5 years. Complete the loss information section on the application and click on "Get A Quote". Underwriting will review your submission and get back to you within one business day.

  • Available only in BC, Alberta, Saskatchewan, Manitoba and Ontario.

  • Coverage is in excess of the deductible coverage limit indicated on the unit owner’s primary policy. The Chutter policy will only respond once the unit owner’s primary policy limits are exhausted.

  • Minimum $25,000 water deductible assessment coverage required on the unit owners condo policy (see custom quote above).

  • Claims are to be reported immediately when they occur (Claims process below).

For Commercial Strata Unit Owners: 

  • Available for all unit owners.

  • Available for units rented to others.

  • Available to unit owners offering short term rentals (AirBNB, VRBO) of less than 1 year (additional premium applies).  

  • Coverage may be available when there has been a prior water damage loss which originated from the unit within the last 5 years. Complete the loss information section on the application and click on "Get A Quote". Underwriting will review your submission and get back to you within one business day.

  • Available only in BC, Alberta, Saskatchewan, Manitoba and Ontario.

  • Coverage is in excess of a self insured retention amount of $25,000. The Chutter policy will only respond once the unit owner’s self insured retention limit is exhausted.

  • Minimum $25,000 water deductible assessment coverage required on the unit owners condo policy (see custom quote above).

  • Claims are to be reported immediately when they occur (Claims process below).

Broker Responsibility 

  • It is the responsibility of the broker to verify the accuracy of all information entered on the application, including the unit owner’s policy information.

  • It is anticipated that the broker providing the Water Damage Deductible Buydown coverage will also be providing the unit owners policy and so will be able to verify and/or provide the required unit owner’s policy information.

  • If the submitting broker does not have direct access, a current copy of the unit owner’s policy must be obtained and kept on file.

  • It is the responsibility of the broker to process renewals accurately and on time. Please act on renewal notices before the expiry date.

Claims Process

If a client has a claim originating from within their unit, please contact Northbridge General Insurance Corporation claim department and cc deductiblebuydown@chutteruw.com .

Email:           westernclaims@nbfc.com

 

Please include the following information when contacting the claims department:

 

  • Named Insured.

  • Policy Number.

  • Date of loss.

  • Cause of loss (provide as much detail as possible).

  • Contact details for the Strata Corporations Property Manager.

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