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

Capital Reserve Balance

61% of Agency clients hold a capital reserve balance of at least $6,000 per unit. By almost doubling the amount from 2007, co-ops are nearly twice as ready to meet their future needs.