Residential Community Associations
Insurance coverage for community associations is specific to the unique landscape of each association. We put together tailored insurance packages that protect the property, board members, employees and liability of an association.
It is important to determine who is responsible for facilitating the management and day to day operations of the association to understand the exposure. In addition, we look at the occupancy and the construction of the property and evaluate where the liability exposure is whether it’s the common areas only, exterior load bearing walls, the roof, snow and garbage removal, pool area, or spa and fitness centers.
These underwriting considerations apply to community associations, homeowner’s associations, condominium associations and co-ops. Let’s look at some common lines of insurance that may fit with your association as a standalone policy or combined as a package.
Property: whether it’s the entire structure or just the roof that the association is responsible for, you’ll want to ensure that your property policy is written on a replacement cost basis. It’s also important to insure the property up to 100% of its value and look at the coinsurance penalty on your policy.
Directors & Officers Liability (D&O):
This protects the members of the board and property managers that can be individually named in a suit against the association. This policy will cover acts of board members that may lead to an accusation of wrongful termination or discrimination from employees and member of the association.
Equipment Breakdown: protect the boiler and machinery on site in case it is ruined in a loss. This will help pay for repair costs, replacement costs and loss of income sustained while the equipment is down.
Crime: This protects the association against the theft of money, securities or other property by a board member or an employee
Excess Flood: for properties with proximity to a body of water, a standard Flood Insurance policy may not be enough. Excess flood will increase your limits for replacement cost if there is a significant loss in result of a flood.
Pool & Spa Contamination: Your association may include certain amenities made available to residents.
A pool or a hot tube may be one of them and this can lead to exposure to pollution claims. This policy will cover injury due to pollution, bacteria, and viruses for these areas that are a part of the association.
Umbrella Liability: as a condominium, homeowners, or community association, there are many exposures that can lead to highly costly legal battles so it’s important to have adequate liability coverage. Umbrella Liability will give you an extra layer of protection in addition to your General Liability limits.
It is important to determine who is responsible for facilitating the management and day to day operations of the association to understand the exposure. In addition, we look at the occupancy and the construction of the property and evaluate where the liability exposure is whether it’s the common areas only, exterior load bearing walls, the roof, snow and garbage removal, pool area, or spa and fitness centers.
These underwriting considerations apply to community associations, homeowner’s associations, condominium associations and co-ops. Let’s look at some common lines of insurance that may fit with your association as a standalone policy or combined as a package.
Property: whether it’s the entire structure or just the roof that the association is responsible for, you’ll want to ensure that your property policy is written on a replacement cost basis. It’s also important to insure the property up to 100% of its value and look at the coinsurance penalty on your policy.
Directors & Officers Liability (D&O):
This protects the members of the board and property managers that can be individually named in a suit against the association. This policy will cover acts of board members that may lead to an accusation of wrongful termination or discrimination from employees and member of the association.
Equipment Breakdown: protect the boiler and machinery on site in case it is ruined in a loss. This will help pay for repair costs, replacement costs and loss of income sustained while the equipment is down.
Crime: This protects the association against the theft of money, securities or other property by a board member or an employee
Excess Flood: for properties with proximity to a body of water, a standard Flood Insurance policy may not be enough. Excess flood will increase your limits for replacement cost if there is a significant loss in result of a flood.
Pool & Spa Contamination: Your association may include certain amenities made available to residents.
A pool or a hot tube may be one of them and this can lead to exposure to pollution claims. This policy will cover injury due to pollution, bacteria, and viruses for these areas that are a part of the association.
Umbrella Liability: as a condominium, homeowners, or community association, there are many exposures that can lead to highly costly legal battles so it’s important to have adequate liability coverage. Umbrella Liability will give you an extra layer of protection in addition to your General Liability limits.