Condo Media - April 2011 - 43

elevator, we insure it simply because it is included in a “boiler plate” policy that is sold to different associations, including those that happen to have an elevator. However, someone with an elevator might not have a putting green, which we have, included in their coverage.

Insurance Requirements and Decisions
You probably understand by now that I have read an association policy at least once. Trust me, that it is a good thing to do. It is one way that you will understand precisely what your association has purchased and why. However, before you read the policy, be sure to read your condominium documents. The state statutes and the association’s documents determine what coverage you will need to carry. Once that is determined, you should review the application that is submitted to the carriers. The questions they ask help you understand what they are

interested in knowing about the property, as well as making sure the answers provided are correct. Never assume anything, especially something as important as the trustees’ responsibility for insuring the common property. Who is responsible for the purchase of the required insurance, the agent or the property manager? Bottom line, it is the board of trustees. Trustees are elected by the unit owners and have a fiduciary duty to protect the interests of the association. When you receive your insurance quotes, ask for them to be presented in a column format so you can easily see what each company will cover. You may find that you are not familiar with some of the carriers. You can review the carrier’s ratings online before you make the decision about the purchase. Google “insurance carrier ratings” and you will find everything you need to know about a carrier so you can make an informed decision about the carri-

ers, particularly their financial strength and claims history. It’s important to shop around because different companies offer different terms for different premium amounts.

Unit Owner Responsibility
Often a resident will ask how a unit owner’s policy will interface with the association policy. If the association has “all-in” coverage, then a unit owner’s personal policy covers personal and movable items inside the unit. Simply put, in an “all-in” policy, if you were to turn the unit upside down, whatever falls to the bottom is covered by your personal policy, less the amount of your deductible. There is also Original Spec’s coverage, which generally means it does not include coverage for improvements or betterments. In this case, owners would have to include them in the condo owner’s policy. If all improvements and betterments — past, present and future — are

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CONDO MEDIA • APRIL 2011

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Condo Media - April 2011

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