Condominium Associations have unique coverage
needs due to the common ownership of the buildings and structures and parking areas. Trustees and Directors & Officers
of the Condominium have a great responsiblity to ensure the proper coverages and insurance protections
are in place for the Condo Unit Owners.
- Building Insurance: Does the Condominium Bylaws provide for
"All In" or "Walls Out" coverage? This can be critical to determining whether the Association or
the Unit Owner is responsible for insuring improvements, betterments or alterations to the the unit. Claim settlement
can turn into a nightmare if coverages are not clarified and understood ahead of time.
- Liability and Excess Liability (Umbrella) Insurance: Trip and
Falls, Swimming Pools, Playground Equipment and other activities at Condominiums can lead to incidents that could result in
claims. It is prudent to consider increased liability coverages to protect the interest of all Unit Owners and prevent
unnecessary Loss Assessments.
& Officers Liability Insurance: Most Trustees or Boards of Directors on Condominium Associations are Unit Owners
who volunteer their time and effort. Sometimes decisions are made that upset other Unit Owners or other Third Parties
who feel the Board has made decisions that result in a "wrongful act". Directors & Officers coverage provides
defense and insurance coverage for accusations against the members of the Board of Trustees.
Apartment Owners have a significant exposure to property
and liability claims. With high valued properties, tenant activities, off site or on site property managers, parking
lots and property maintenance, an Apartment Owner has much to consider relative to their insurance needs.
Building Insurance: Are the buildings insured to a proper amount
to ensure the replacement of the cash flow asset? If a covered loss occurs, is there sufficient insurance for the "Loss
of Rents" and enough coverage for any "Extra Expenses" that might result because of the loss?
Liability and Excess Liability (Umbrella) Insurance: Like Condominiums, Apartment Owners face
claims resulting from Trip and Falls, Swimming Pools, Playground Equipment and other activities that can lead to incidents
that could result in claims. It is prudent to consider increased liability coverages because Landlord's are held to a higher
level of standard of care, so it is critical to have limits of coverage to meet those exposures.
Contact The Covenant Agency, LLC to see how we can provide the best available coverage at the most
"All the ways of the Lord are loving and faithful toward those who keep the demands
of his Covenant". - Psalm 25:10