Condo Media - March 2020 - 29
Potentially disastrous liability and financial exposures exist where an association
assumes a loss will be covered by a vendor's policy, but the policy itself was never
formally modified to add the association as Additional Insured.
objectives for condominium associations
when hiring a contractor or vendor are to
(1) make sure the association is formally
added as an Additional Insured and is afforded the protections of the policy itself;
and (2) that a separate endorsement is
obtained, which requires the insurer to
notify the association of cancellation of
the policy for nonpayment, nonrenewal,
and/or expiration. Otherwise, the association may have no idea the contractor
is performing work on the property with
lapsed insurance coverages. This is accomplished through a written Notice of
Cancellation Endorsement.
It is good practice for associations to
have their counsel draft, or at a minimum,
review all vendor and service contracts,
and a must when an association is prepar-
ing for any significant repairs and/or
renovations to common area elements.
When negotiating the contract, and
certainly before any work commences
on the property, associations and property managers should keep the following
requirements in mind:
ave the association added as an
H
Additional Insured to all contractors' policies through a written
endorsement to the policy itself.
ssociation should be added to
A
the policy on a primary and
noncontributory basis.
ssociation should require a Notice
A
of Cancellation Endorsement.
This endorsement obligates the
insurer to notify the association of
a cancellation or nonrenewal of the
contractor's insurance coverages.
ssociation should include indemnifiA
cation language in the contract, which
requires the contractor to defend
and indemnify the association in the
event the association is sued and the
contractor's insurer denies coverage.
efore the contractor commences
B
any work on the property, including any pre-construction mobilization efforts, the association should
obtain proof of both the Additional
Insured and Notice of Cancellation Endorsements.
March 2020 CONDOMEDIA
29
Condo Media - March 2020
Table of Contents for the Digital Edition of Condo Media - March 2020
Contents
Condo Media - March 2020 - Intro
Condo Media - March 2020 - BB1
Condo Media - March 2020 - BB2
Condo Media - March 2020 - Cover1
Condo Media - March 2020 - Cover2
Condo Media - March 2020 - Contents
Condo Media - March 2020 - 2
Condo Media - March 2020 - 3
Condo Media - March 2020 - 4
Condo Media - March 2020 - 5
Condo Media - March 2020 - 6
Condo Media - March 2020 - 7
Condo Media - March 2020 - 8
Condo Media - March 2020 - CT1
Condo Media - March 2020 - CT2
Condo Media - March 2020 - 9
Condo Media - March 2020 - 10
Condo Media - March 2020 - 11
Condo Media - March 2020 - 12
Condo Media - March 2020 - 13
Condo Media - March 2020 - 14
Condo Media - March 2020 - 15
Condo Media - March 2020 - 16
Condo Media - March 2020 - 17
Condo Media - March 2020 - 18
Condo Media - March 2020 - 19
Condo Media - March 2020 - 20
Condo Media - March 2020 - 21
Condo Media - March 2020 - 22
Condo Media - March 2020 - 23
Condo Media - March 2020 - 24
Condo Media - March 2020 - 25
Condo Media - March 2020 - 26
Condo Media - March 2020 - 27
Condo Media - March 2020 - 28
Condo Media - March 2020 - 29
Condo Media - March 2020 - 30
Condo Media - March 2020 - 31
Condo Media - March 2020 - 32
Condo Media - March 2020 - 3
Condo Media - March 2020 - 34
Condo Media - March 2020 - 35
Condo Media - March 2020 - 36
Condo Media - March 2020 - 37
Condo Media - March 2020 - 38
Condo Media - March 2020 - 39
Condo Media - March 2020 - 40
Condo Media - March 2020 - 41
Condo Media - March 2020 - 42
Condo Media - March 2020 - 43
Condo Media - March 2020 - 44
Condo Media - March 2020 - 45
Condo Media - March 2020 - 46
Condo Media - March 2020 - 47
Condo Media - March 2020 - 48
Condo Media - March 2020 - 49
Condo Media - March 2020 - 50
Condo Media - March 2020 - 51
Condo Media - March 2020 - 52
Condo Media - March 2020 - 53
Condo Media - March 2020 - 54
Condo Media - March 2020 - 55
Condo Media - March 2020 - 56
Condo Media - March 2020 - 57
Condo Media - March 2020 - 58
Condo Media - March 2020 - 59
Condo Media - March 2020 - 60
Condo Media - March 2020 - 61
Condo Media - March 2020 - 62
Condo Media - March 2020 - 63
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Condo Media - March 2020 - 65
Condo Media - March 2020 - 66
Condo Media - March 2020 - 67
Condo Media - March 2020 - 68
Condo Media - March 2020 - 69
Condo Media - March 2020 - 70
Condo Media - March 2020 - 71
Condo Media - March 2020 - 72
Condo Media - March 2020 - Cover3
Condo Media - March 2020 - Cover4
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