Condominium Association Insurance

We specialize in Condominium Association Insurance Solutions

Our product offerings include programs that fill the unique requirements of commercial clients with single or multiple rental dwellings, especially Condominium Associations. Our professional Advisors will assist you in finding the right protection for your specific needs.

Condominium Associations require unique Insurance Solutions that cover you for both Property and Liability risk of loss.

Directors and officers can be exposed to being sued for various activities managing the association's business and therefore D&O coverage should be in place to protect these individuals. 

If your Condominium Association is an employer, for work such as grounds care or unit maintenance, then we can assist in setting up Employment Practices Liability, or insure it is properly included within your D&O policy. 

 

Master Policies

The common areas that are shared among the association tenants should be covered by a Master Policy owned by the association.   These areas include the roof, stairways, elevators and basements.   The Master Policy should protect the policyholder from Liability and Physical Property damage.   The policy may also cover individual units as they were originally built, and may or may not cover fixtures.       

Property coverage included in a Master Policy can often be categorized into the following:

  • Bare Walls - common elements, and usually excludes property within the units, fixtures, floors, ceilings and permenantly installed appliances
  • Single Entry - common elements, and usually includes initially installed property in accordance with the original association plans
  • All In - common elements, plus initially installed property, plus any improvements made at the expense of the unit owner

  

Homeowner Policies

The Board and management of Condominium Associations must understand the scope and coverage of its insurance solutions, and it is important that communication take place with the homeowners within the association, so that they are aware of what is covered and not covered.  

It is advisable that the homeowner also continue to carry coverage on their own, seperate policy, even where the association policy covers alterations, fixtures or appliances within the individual unit.   

 

Don't be caught by changing trends

Due to the rising cost of insurance claims and ambiguous language in some association CC&R's, insurance coverage has continued to change.   It is important that you are not caught off guard trying to understand who covers what.   Where Association policies would once be written to be broad enough to cover whatever the association owned, and even extend coverage into the individual units, most policies now explicitly point out what is to be covered, and therefore also point out that all other structures are not covered.