Monday, April 11, 2011

Condominium Associations


U.S. Insurance Services specializes in the Condominium Association Industry. The program is designed to offera comprehensive property and liability policy that addresses the unique coverage requirements of condominium associations.

Coverage Features

General Liability

  • Comprehensive General Liability- limits to $3,000,000 aggregate
  • Condominium Unit Owners, Committee Members, Managers or Lessors of Premises and Lessors of Leased Equipment as additional insured's
  • Liability for common areas including swimming pools, tennis courts, lakes, playground equipment, etc.
  • General Liability can be written mono-line
  • Damage to Premises Rented to you, all covered causes of loss- $1,000,000
  • Personal and Advertising Injury-includes Abuse of Process, Discrimination

Property

  • Blanket limits with large in-house capacity
  • All risk on building, contents, loss of income and extra expense
  • Ordinance or Law-Increased Cost of Construction- $300,000
  • Ordinance or Law-Demolition- $300,000
  • Pollutant clean-up and removal- $35,000
  • Sewer back up to building limits

Automobile

  • Hired and non-owned auto coverage
  • Coverage for owned automobiles is available

Crime

  • Employee Theft with the availability to include the property manager
  • Theft of Money and Securities

Acceptable Exposures

  • 2/3 or greater owner occupancy
  • Commercial occupancy up to 25%
  • Buildings over 25 years
  • Golf courses, seasonal occupancy, timeshares
  • New buildings added prior to full occupancy

Documents Required for a Proposal

  • Completed and signed Application
  • Completed ACORD applications
  • Currently valued company loss runs for the previous four years
  • Photo
  • Plot Plan
  • Financial Statement

Optional Coverages Available

  • Directors and Officers
  • High Limit Umbrellas
  • Liquor Liability
  • Employee Benefits Liability
  • Special Events Liability
  • Guaranteed or Extended Replacement
  • Cost property coverage

Call 1-800-874-1738 x201

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