Liability Insurance for Our Lake

Started by ThomasC2 • 3 replies • 2058 views

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ThomasC2 (Pennsylvania)
Posts: 26

Posted:

We are a fledgling HOA, (small, only 33 famlies so far in phase 1),and have a 7 1/2 acre fresh water lake on our property adjecent to our Community Center. We have a 1 million dollar general liability policy with a 2 million dollar umbrella on the Community Center and common walkways . We have "Private Property" signs around the lake but no fences. Our property manager has been asked to check and see if our liability coverage for the Community Center and common areas also covers the lake. Fishing and boating are permitted so we're concerned about drownings.
Does anyone have experience with insurance issues for bodies of water on HOA property? Thanks in advance for any input.

GlenL (Ohio)
Posts: 5,491

Posted:

Contact your insurance agency and see what they recommend as far as insurance/signage. Because when your talking liability there may be issues specific to your State, I would also get the advise of an attorney on this matter.

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GloriaM (North Carolina)
Posts: 829

Posted:

Thomas:

All common areas of your association should be covered with sufficient coverage amounts. Your insurance agent should help you with proper coverages. Your board should also have D&O insurance. Always prepare for the unexpected with the right amount of coverage. Many HOA's find themselves under insured.

BradP (Kansas)
Posts: 2,640

Posted:

Thomas:

You need to talk to your insurance company, we were shopping around and there was a company that didn't want to insure us because of your retention pond. When I got on the board and talked to them I was mortified to find out the previous board never mentioned anything about a pond in our subdivision, I am just glad nothing happened. Now we have it as part of our liability insurance. They also asked us to put up signs that had "No Trespassing, No Swimming and No Boating."

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