Condominium associations have unique insurance needs and require the expertise of professionals who can meet those needs. Dickstein Associates Agency offers Condominium Association Programs to protect associations for their responsibility in the event of property and liability damages.
While each condo owner is responsible for obtaining insurance to protect its individual unit and contents, an association is obligated to insure the unit owners’ shared risk such as the common areas, which include the lobby, swimming pool, rec room, hallways, sidewalks, roofs, basements, etc. The association bylaws specify which parts of the complex it insures, including specific requirements for the coverage (deductibles, coverage limits, types of coverage), and which parts the individual unit owners must insure on their own.
It’s important to note that no two condo associations have the same coverage needs. Our professionals will review your bylaws and Master Deed and determine what package is best for your association. Your association master policy can be designed to provide bare walls coverage – insuring the building elements, such as the walls, roof, floors and elevators while the unit owners obtain coverage for items such as countertops, bathroom and kitchen fixtures, flooring, appliances, carpeting, cabinets, wall coverings, and other items in the unit. You can opt for single-entity coverage, which also covers the basic elements of a building along with the standard finishes inside each unit, except for the unit owner’s personal property. Single-entity coverage does not cover improvements made at a unit owner’s expense. Another option is modified single-entity/all-in coverage, which will cover the fixtures, installations or additions/ improvements within the interior surfaces of the perimeter walls, floors and ceilings of individual units.
In addition, a Condo Association Program also provides Liability coverage to protect the association from lawsuits. For example, a delivery person may slip and fall while on the sidewalk or a child may be injured in the pool. A Commercial Umbrella policy will extend your primary Liability limits in the event of a catastrophic incident.
We can also provide your association with Directors & Officers (D&O) Liability insurance to protect the board against management liability-related lawsuits as well as Crime & Fidelity insurance.
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