HOA Insurance

My association appears to have finally agreed to get insurance and I am getting the info for them. I know we want directors and officers insurance and liability on the common areas. I add that we are 12 lot owners with a runway for aircraft. We are located in NW Georgia. Is there any other insurance I should be looking for? And can anyone recommend who to contact in Georgia or the Chattanooga area as we are only an hour south of Chattanooga.

This is not a condo development - 12 private lots with 4 current owners of homes and the other lots sold but undeveloped.

DianeW: Your offical documents themselves should address the issue of insurance to cover Board/members; perhaps it also states insurance for association overall.

Even if the association carries insurance as a whole, the individual unit owners should also be covered for their own personal insurance, especially due to the fact that you have a runway and aircraft.

Deane, you have the key two policies identified. Is the runway on common area? If so and it requires maintenance talk to your insurance agent about workermans comp and possibly an umbrella.

DianeW,

The information you sent is helpful. I would suggest that if the developer is still listed as a property owner you need to turn this over to an attorney. If anywhere in your Documents the "Declarent" is used you meed to have this checked. You say the property was turned over to the HOA a year ago. Have your documents been ammended to reflect this. Has the "Declarant" been taken out? Maybe all is well and you are comfortable with your laws but normally they are so convoluted it is hard to understand, especially if they were developed for the Developer "Declarant." The insurance thing, as has been noted should be handled by an agent, you will have to end up there anyway. Go over your requirements with any agent, then comparison shop. I, for one would he hesitant about suggesting ang like that on this site. On the left side of this screen you will note some sponsors ads, they would be an excellent place to start. On the discussion Topics page in the upper right hand side of paper, is a search block, try that with "Hoa Insurance". Ther are all kinds of links on this site. I do not believe someone is going to post from around North Georgia. Are you near Sky Valley, I know someone that lives there, but they are out of country till 1st Nov. He is an ex=banker and knows all about that Sky Valley area.

You have lots of home work to do.

Dianne,

Call the FAA and ask about the guidelines for insurance for a private airstrip. Do you have on site fuel tanks? This may reqire additional protection from the state and local agencies.

Does the airstrip qualify under a FBO.If so you should also use a hold harmless agreement to any transient aircraft. This should be included with your general liability insurance and under tort law you will need a premises liability coverage. Thre is also hangerkeepers coverage.

A permission use is needed from landowners of the HOA for the operation of flghts in and out.

You need a very good Private Airport Risk management company to help you with the insurance.

Thank you all for your suggestions. I hopefully will be able to find a good insurance agent familiar with the inclusion of the airport to the mix. I was really hoping someone could recommend one because I have called around local and have had no luck so far. I may just call other local airparks to see who they are insured with.

DianeW,
I Googled, Private Air Strips, HOA, Georgia, USA.

Lots of stuff there, might help.