townhouse HOA insurance

Started by MarieL • 5 replies • 2049 views

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MarieL (Illinois)
Posts: 82

Posted:

We have a products comprehensive operations policy in our HOA.It lists contractural liability.personal injury and advertising injury coverages for 1 million dollars, 2 million dollars aggregrate each occurance/ It also lists Building $2,400 and med/personal $5,000 coverages. There is no mention of officers and directors insurance, Is this included in the above $530.00 insurance package? There is no umbrella policy, workman's compensation or fiscal liability insurance.Is this enough and the correct insurance for a townhouse HOA to carry

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

If there is no mention of officers and directors insurance, its probably not covered. I would get it. The 1 and 2 million is typical. Depending on your area, you may want to add a separate federal flood insurance.

To get a clear understanding of your insurance your buying, what you need, you should discuss it with your insurance company.

RogerB (Colorado)
Posts: 5,067

Posted:

Marie, talk to a good insurance agent. For townhomes I would add D&O, theft (fiscal liability?), and workers comp. The amount coverage needed on the buildings and common area elements will depend on replacement cost.

MarieL (Illinois)
Posts: 82

Posted:

Thank you both for your responses. I have contacted the HOA insurance agent and waiting for a return call. I understood most of what was said , but I don't know what was meant by the 1 & 2 million dollar coverages being typical. Is this just for general liability and does not include D & O insurance.
Thank you

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Quote:

It lists contractural liability.personal injury and advertising injury coverages for 1 million dollars, 2 million dollars aggregrate each occurance

You mentioned the phrase above, I said it was typical.

MarieL (Illinois)
Posts: 82

Posted:

Thanks, Steve. I think I understand now.

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