Condominium Insurance

What is community association insurance?

Almost all Community Associations have three types of insurance coverage.

Commercial General Liability: This insurance protects against many claims others may make against the associations. The four coverages provided are bodily injury, property damage, personal injury and advertising injury.

Commercial Property Insurance: Most associations have some commonly owned property - which should be insured for it's full replacement cost.The community should have a Statement of Values, and review it annually. Property is subject to a deductible per claim.Often there is a separate, higher deductible for loss caused by wind and/or hail.

Directors & Officers (D&O): Disputes can and do arise over assessments, liens and DRV's. D&O protects the association and its directors from claims for mismanagement. Coverage is provided for claims that are made against the association during the policy period, subject to the 'prior claims' or retroactive date. A deductible for each claim applies.

There are many other coverages we recommend including Crime, Cyber, Flood, Non-owned Automobile, Umbrella/Excess Liability and Workers' Compensation. There are, of course other coverages available including Earthquake, Equipment Breakdown and Marine coverage to name just a few.

Call us today to learn more about protecting your community association and your home within your community!