Condo Association Insurance
Although individual condominium units are owned by residents, the building and common areas are usually the responsibility of a condo association or management company. With that in mind, they need adequate insurance coverage.
What Is Condo Association Insurance?
Condo association insurance provides critical coverage beyond unit owners’ private residences. For those in charge of a condo complex, risks and hazards may abound. Fortunately, the right condo association insurance portfolio provides a broad safety net. Specifically, condo association coverage typically includes the following:
- General liability insurance—If a tenant or visitor is injured on the shared property and you are held liable for the incident, this coverage can help pay for resulting expenses.
- Building insurance—This coverage protects shared buildings and exterior elements of structures, such as hallways, elevators and roofs.
- Possessions insurance—If a covered event causes damage to property owned by your association, such as equipment, furniture and electronics, this type of coverage may be able to help you recoup losses.
- Errors & omissions liability insurance—In the event your condo association makes a mistake while conducting its professional services, this coverage may help pay with resulting legal fees or settlements.
- Directors and officers liability insurance—If a senior member of your condo association becomes the target of a lawsuit, this coverage can offer protection.
- Workers’ compensation insurance—This coverage may provide funds for medical expenses, lost wages and restitution if an employee is injured or develops an illness on the job.
Get the Right Coverage
Condo associations must account for many different risks and hazards. The specific features and offerings of your property play a major role in shaping your insurance needs. Fortunately, our agents are well-equipped to help you get adequate coverage. Contact Cormack-Routhier Agency, Inc. today to get a quote.