Depending on the size and complexity of your association there can be many areas needing insurance, contact us for a complementary review.

Property
Most Condo Associations buy a master policy to insure the building from the walls in, the individual unit owners are responsible for everything inside the units. We can review your Association by-laws for guidance on where the Association’s obligations end. Putting proper insurance in place is crucial before a loss occurs.

General Liability
Often  bundled with the Property Insurance is General Liability, which protects your association from law suits from third parties.

Directors and Officers Liability
With increased foreclosures and changes in bylaws to prevent buildings from being black listed by mortgage lenders, condo boards are under increased scrutiny and potential liability.   Ensuring coverage is in place for legal expenses is paramount.  It is also important to verify that a building’s professional property manager is protected while acting for your association.

Crime
Crime coverage protects against the intentional misappropriation of funds from an association employees or the property manager. This insurance is required in some states and a prudent coverage for all associations to have.

Umbrella
Condo buildings with elevators, swimming pools or other unique features are occasionally unable to buy limits high enough to cover their entire risk. When this occurs, an umbrella policy will provide excess limits for certain types of losses.

Other Areas of Concern
• Are employees of the building covered for workers compensation?
• Does your HVAC system require a separate policy?
• Does your Association have a website or personal data that could be hacked?