Condo Assoc. Ins.

Started by HeleneN • 1 replies • 1177 views

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HeleneN (Connecticut)
Posts: 84

Posted:

We are a small Assoc.(under 75)of free standing single units. Unit Owners are required to obtain their own insurance to protect against fire or other casualty or liability. We have no amenenities.

The assoc. currently carries property and liability insurance sufficient to meet the requirements of our Declaration. We carry Directors & Officers liability insurance of $1,000,000. We also carry employee Dishonesty including the property manager for $100,000.

Additionally we carry an Umbrella Policy for $15,000,000. We have Auto Liability insurance for hired autos and non-owned autos for $1,000,000.?????

We will be up for renewal soon and no one on the board seems to have a handle on insurance needs. We will be meeting with our agent soon in the hopes of having a better understanding.

We have common property consisting of roads, walkways, fencing, lighting and land.

Our immediate questions concern the umbrella policy and automobile liability.

Your imput would be greatly appreciated.

Thanks

Helen

MelissaP1 (Alabama)
Posts: 13,836

Posted:

I had a similar question about ours since we did not own a vehicle. The answer came back as the insurance is a "Package deal". Meaning they grouped insurances coverages like the cars with the other necessary coverages like the liability. So they couldn't break apart the policy. This often happens in the insurance world. Which is neither a good or bad thing. It is just a thing they do. Although you may shop around at other companies. I understand that only about 20 or ALOT fewer offer HOA coverage in this country. So the field for shopping is limited.

Our car coverage did have a benefit. If we as a board member were to be in an accident during our HOA duties the HOA insurance could pickup the difference what our personal insurance would pay out. Which could help cover some loss. Although we only had one official business to do in our personal vehicles and that was to go to the accountants office across town.

Former HOA President

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