Beyond the obvious need for insurance there are legal minimums and guide lines set forth by the Association’s Declarations and Bylaws and the Condominium Property Act. These documents govern your association through legislative action, designed to protect individual unit owners from many of the potential pitfalls and perils of condo ownership.
PROPERTY COVERAGE
PROPERTY COVERAGE Your Association’s Insurance policy Property Coverage must contain the following elements • Coverage for the buildings and units:...
WHAT IS ORDINANCE OR LAW?
WHAT IS ORDINANCE OR LAW? Remember earlier when I warned you about potential government agencies changing regulations within building codes? This is...
WHAT ARE THE DIFFERENCES BETWEEN WATER DAMAGE, SEWER BACKUP, AND FLOOD?
WHAT ARE THE DIFFERENCES BETWEEN WATER DAMAGE, SEWER BACKUP, AND FLOOD? Water is water right? Not when it comes to insurance. Insurance covers your...
UNIT OWNER VERSUS CONDO ASSOCIATION COVERAGE
UNIT OWNER VERSUS CONDO ASSOCIATION COVERAGE Certainly one of the more important and confusing areas for everyone involved. As we saw earlier the...
THE ASSOCIATION’S DEDUCTIBLE
THE ASSOCIATION’S DEDUCTIBLE: As a member of the Board of Directors you may be faced with an insurance claim. Nearly every policy has a deductible...
GENERAL LIABILITY
GENERAL LIABILITY Whether your Association is at fault or not you may find yourself brought into a lawsuit for something that your Association is...
DIRECTORS AND OFFICERS COVERAGE
DIRECTORS AND OFFICERS COVERAGE: As a member of the Board of Directors you are faced with many decisions which will carry an impact in someone’s...
COVERING THE ASSOCIATION’S MONEY
COVERING THE ASSOCIATION’S MONEY Protecting your association means protecting your association’s money too. No one expects to vote a money laundering...
UMBRELLA COVERAGE
UMBRELLA COVERAGE EVEN WHEN ITS NOT RAINING Umbrella coverage, sometimes called Excess Liability provides EXTRA coverage over your general liability...
Of course this is just a general overview and not specific advise for your personal situation. To ensure that you are properly insured allow us to provide you with a Cost Coverage Comparison™ Call (224) 858-7777 or Click Here