FirstService Residential Brings in Industry Experts to Educate Association Board Members on Community Insurance
Sean Kent, vice president of FirstService Insurance Brokers, presented on the basics of community association insurance during Wednesday’s training. “It’s very important for the Board of Directors to have an understanding of the types of coverage an association needs to appropriately mitigate risk and reduce its liability exposure,” said Kent. “Community association insurance is very different. It’s a niche market, so agents and brokers must possess highly specialized knowledge and maintain partnerships with the right carriers.” Sean started his career as an underwriter before becoming a broker, which he has been for almost a decade.
Marsh and McLennan’s Herman Fasbender, community association specialist, and Tim Gallagher, director commercial lines, provided local insights specific to the Minnesota insurance market. “Community associations require specific policy coverages like Directors & Officers (D&O) and Workers Compensation. Minnesota Homeowner Boards must have basic insurance knowledge in order to make educated decisions,” said Fasbender.
In 2016, FirstService Residential implemented a Board Training Series. The series covers a variety of basic and complex issues that are unique to community associations for the purpose of advancing the knowledge and development of Board Members and help them effectively fulfill their roles.
“We receive positive feedback from our Board Training Series, and they [Boards] want more. Responding to the need for Homeowner Board education is just another way for us to make a difference in and provide value to the communities we serve,” said Mark Gittleman, president of FirstService Residential Minnesota.