As a condominium building owner and/ or trustee you want to make certain that both your condo association property and liability exposures are protected. Please take a moment to review our Condominium Master Policy coverage recommendations.
Property Coverage Review
Condo Building Limit: Your Building limit of insurance should represent your replacement cost to rebuild. Construction costs have risen dramatically in the past two years, so please review your selected limit.
Business Personal Property: Any of your condo building maintenance equipment, computers or other business personal property located at your building should be separately insured on your policy. If your association collects any payments or dues, Review your money and security coverage options.
Other Structures: Additional buildings, garages, fences, pool, pool house or other structures may need to be listed separately for coverage
Mechanical Equipment Breakdown: Include coverage for machinery, boilers, heating and AC equipment, transformers and other condo building equipment
Ordinance of Law: Coverage for additional expenses incurred after a covered loss due to building code revisions.
Water Backup: Older sewer and drain systems can cause water backup damages. This coverage will provide for repair expenses when this occurs
Earthquake and Flood: These are two specific types of losses that are not covered by your policy. If you would like info on securing these additional coverage options, please contact our office.
Glass and Sign Coverage: Consider specific glass or sign coverage as needed for your condo association.
Liability Coverage Review
Comprehensive General Liability: Limit recommended $2,000,000
Cyber Liability: Coverage offerings for violation of laws concerning personal info of individuals. Also, this may be designed to provide coverage for cyber “theft” events.
Employment Practices Liability: Coverage for wrongful acts from employment practices including wrongful termination, discrimination and sexual harassment.
Employee Benefits Liability: overage for errors made in administering covered employee benefit plans.
Directors and Officers Liability: Coverage for the association when Directors and/or Officers, employees, committee members, and/or community association managers are challenged for their decisions or fail to meet their responsibilities related to the condo association
Non Owned & Hired Auto: Coverage for your association when employees, trustees or volunteers use any vehicle for condo business.
Umbrella: Additional liability protection for your insurance program.
