What types of coverage do Condo master insurance policies offer?
Property Insurance: Property insurance provides protection for a condo association for a loss or damage to the real and personal property of the association. Association can purchase property coverage for the community structure such as the residential buildings, clubhouse, gazebo and pool.
General Liability: General Liability coverage helps protect the insured against legal liability caused by bodily injury, property damage, personal injury to others. This coverage does not provide any liability coverage for the inside of the units, units owners should always purchase an HO6 policy to protect their personal belonging and liability.
Umbrella Liability: Umbrella liability insurance closes the gap between underlying limits of coverage and possible claims in excess of that coverage.
Directors & Officers Liability: Protects members of the association board against claims alleging wrongful or omissions made while carrying out their duties on behalf of the homeowner’s association.
Equipment Breakdown: Equipment breakdown coverage provides coverage for mechanical, electrical or pressure system breakdowns. This coverage can be purchased on a commercial policy or on a high-end homeowners (HO5) policy. If you have a pool, well pumps, generators or boilers, you have a need for this coverage.