Recouping your Loss from Fraud

Date
8 October 2015

The Agency has discovered that some housing co-operatives victimized by fraud are unable to collect on their insurance because they miss the deadline for reporting their loss. Others don't try to make a claim out of the mistaken belief that a claim won't succeed without a criminal conviction.

Our advice to any co-operative that suspects fraud is to report the matter to the police at once. Follow that right away with a call to your insurance company. Your insurer will let you know what you need to do to from there.

Tip of the Month

Good Vacancy Loss

Some vacancy loss is by choice, because units are being refreshed for new members. So not a loss but an investment.