RESERVE FUNDS STUDIES
Reserve Fund Studies in Alberta & B.C.
Preparing your Condominium for its future financial commitments is our specialty. We do this by connecting with you to make sure that unit owners are protected from special assessments and levies while giving you peace of mind that there will be sufficient funds to meet long term repairs and replacements of Condo common assets.
We can talk about depreciation analysis and financial models, but that’s just jargon. We don’t just take blueprints and develop reports. We listen to you, ask questions to clarify building and site concerns, bring up concerns we may be seeing when we come to the site and so much more.
With over 20 years experience providing RFS to all types of residential and commercial condominiums, we bring experience and know-how to the process. Being an approved provider in all Canadian provinces means that our reports are accepted by lending institutions, insurance companies and more.
INSURANCE BUILDING VALUATIONS
Accepted by the Insurance Industry
Insurance is about protection when you need it most. Our Insurance Valuations provide you with an estimate of the total reconstruction cost for your property in the event of a total loss. Insuring your property to full value is the most important way to protect yourself.
With commercial properties and multi-family unit developments (e.g., Condominiums), this not only includes the material and labour costs of rebuilding the property(ies), but can also include revisions to building codes, bylaws, demolition and removal costs, inflation and taxes, where your building(s) are located and its’ quality of construction.
Our background is providing insurance valuations for insurance companies, brokers and agents as well as property managers and private clients like you. We have an affordable multi-year program in place so that your values are updated annually.
If you are on a Condominium Board, you have a duty to the unit owners to ensure that the Condominium is sufficiently insured each and every time coverage is placed with an insurance company. We use well known insurance industry standards in determining the sufficient amount of your building(s) coverage – avoid purchasing too much or too little coverage and don’t get caught in a claim co-insurance clause catch of needing to specially assess unit owners a percentage of the insurance claim.
STANDARD INSURABLE UNIT DESCRIPTIONS (SIUD)
A New Requirement Since 2020
The Standard Insurable Unit Description (often referred to as the SIUD) is a description of what the corporation’s insurance will cover, including standard fixtures and finishings without taking into account any upgrades that have been made by the owner. The SIUD should contain information that describes the unit property that the corporation expects its insurer to rebuild or replace following an insurable loss.
The SIUD is a detailed outline of all the finishes and fixtures within a standard unit based on original construction. The purpose of a standard insurable unit description is to provide transparency and clarity for condominium boards and insurers as to what is covered under the corporation’s insurance following an insurable loss.
Your Condominium may have a standard set of components used within all units – this would represent one Unit Class. Sometimes builders may offer different finishes and fixtures for units. A typical apartment unit may be different than a penthouse units in its unit finish and fixtures and the same could happen for a row house or other type of development.
The Reserve Studies Now SIUD will meet ALL the Alberta Government requirements by describing the Unit:
- Floor coverings, wall coverings and ceiling coverings
- Electrical lines and fixtures, including lighting fixtures
- Plumbing lines and fixtures
- Natural gas lines and fixtures
- Fixtures with respect to air exchange and temperature control
- Walls that do not form the unit’s boundaries, and any windows and doors located in those walls
- Cabinets and counter tops
- Non-chattel appliances
None of the board members had any prior experience with a reserve fund study. Larry was friendly, courteous and informative. He was able to provide a sense of comfort with the whole process and did much to alleviate the concerns we had. He invited us to ask questions, make comments, and give feedback so that we would understand this process and the final report. We would definitely recommend him to other condo boards.
As a specialist, Larry demonstrated his ability to listen to our needs and concerns. We appreciated his knowledge and experience in this field and his willingness to spend the time with us to be thorough. Larry received board input and guided us through the process efficiently and cost effectively. I wholeheartedly recommend Larry to any company seeking a professional and qualified individual!
I find Larry to be very easy to work with and his studies easy to follow. He encourages the condo board members to ask questions and then he works to get them honest answers that they can move forward with.
We and our clients have been very happy with your studies in their clarity and comprehensiveness. Your response time in producing these reports has been excellent. I have enjoyed working with you over the last 20 years.
Larry looked after us like we'd been a long-time client. He reacted quickly and professionally to our questions and concerns - his experience and knowledge is definitely there. He delivered the report on time and was able to help and guide us with our questions. I feel good that we have Larry on our team.
Larry brought knowledge, professionalism, and integrity to our interactions throughout the process. This was the second study our board undertook and Larry delivered a superior service to our previous provider. Larry's shared knowledge and experience also helped inform some of our decision-making going forward. Our board has trust and confidence in Larry to deliver a quality product at a fair price.
Larry expertly guided us through the reserve fund study process. He made a daunting undertaking quite manageable. He broke down every step and was able to clearly explain all the elements we were dealing with. Larry is very personable and a pleasure to work with. I highly recommend him to anyone seeking assistance with their study.
Larry answered our questions quickly and efficiently and most importantly, in layman terms that we all could understand. I would have no reservations in recommending Larry for any reserve fund study or insurance building valuation work, as he does a super job!