The BC Non-Profit Housing Association (BCNPHA) is the umbrella association for non-profit housing providers in BC, serving 550 non-profit housing societies who provide more than 60,000 units of affordable housing at more than 2,000 sites. This year, insurance premiums paid through BC Housing Operating Agreements and BCNPHA’s current insurance offering is estimated at $90 million. This does not include non-profit housing providers who have sourced insurance policies outside of these two streams. BCNPHA Board of Directors tasked staff to develop a sector-led program and has approved staff’s recommendation to develop a self-insured property program for the Non-Profit Housing Sector, with the goal of providing property insurance premium stability to participating members. BCNPHA’s subsidiary will partner with an insurance brokerage to coordinate insurance with insurance companies; the subsidiary will function as a service provider to either the brokerage and/or insurer in administering the claims/funds once adjusting is complete. A sectoral program will stabilize premiums through bulk-buying of insurance; pool risk and seek reinsurance for earthquake and catastrophic losses; and, provide an option to providers being deemed uninsurable (not because of risk, but because of perceptions). This Request for Funding seeks contributions for an initial start-up retention pool of $11,400,000 that will used to fund high frequency and low-cost property losses for the first 3 years of the program (at which point, the program will be self-funded through premium bulk discounts and year-over-year retention surpluses) and an additional request for year one operating capital of $600,000.
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- Development, establishment, amendment or termination of any program, policy, directive or guideline of the government of British Columbia or a Provincial entity
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Finances and Budgets, Non-Profit Organization
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