Shopping for HOA Insurance

Started by TimC4 • 2 replies • 1150 views

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TimC4 (California)
Posts: 1

Posted:

I'm the treasurer of my HOA board and am interested in shopping our insurance coverage in hopes of a lower price for an equivalent amount of coverage. However, my association manager refuses to share our current policy with prospective insurance providers. She says there is an ethical issue with handing over insurance company policies to other insurance companies. Is she right?

RichardP13 (California)
Posts: 3,868

Posted:

Tim

If you ask for a copy of the policy, she CAN'T refuse. She may suggest that it may be unethical, but that becomes a board's decision.

You shouldn't, IMO, share what the association is paying for insurance from a specific carrier. What you would do and what a reputable agent will ask for in bidding are the Association's CCRs, set of current financials, loss run, reserve study.

While a complex of single family detached homes with few amenities would be fairly easy to bid, a condo complex with many amenities is a different beast in and of itself. In addition, as attorneys have different opinions, insurance companies review CCRs differently with different opinions on responsibilities.

NpS (Pennsylvania)
Posts: 4,216

Posted:

Upon request, current insurer should provide certificate of coverage and history of claims - which prospective cos will want to see.

Don't need to share copy of policy itself and premiums paid.

Sikubali jukumu. Read all posts at your own risk.

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