Insurance news and information

Flickr photo credit: beancounter

Ten Business Insurance Renewal Reminders – “Let Us Know”

To insure a Home Owner or Condo Association is to worry – if you’re worried about whether or not something may need to be covered, let us know.

1.  Read your policies, paying attention to the limits, conditions, and exclusions. If you have questions or concerns, let us know.

2.  Liability limits can be increased – if you’re concerned, let us know.

3.  Commercial General Liability (even with an Umbrella) doesn’t cover all types of claims. If you’d like to discuss Employment Practices Liability, Directors & Officers Liability, Fiduciary (ERISA) Liability, Professional Liability, International Liability, Cyber-Liability or other types of protection, let us know.

4.  Selecting adequate Property insurance limits is your responsibility – if you underinsure, there can be coinsurance penalties and/or you’ll come up short after a serious loss. Replacement Cost requirements have nothing to do with Market Value or Book Value – what would your building(s) and contents cost to replace, brand new, if destroyed? Read more…

One potentially confusing issue in condominium associations is who insures what.  In the past, most condominium association policies would cover whatever the association owned.  Other association policies extended coverage into the units – for example, the sheetrock walls and ceiling, the plumbing, and the electrical within each individual unit.  Association policies would often be written broad enough to cover the floor, kitchen cabinets, appliances, and carpeting.

In recent years, with the rising cost of insurance claims and the ambiguous language in some association CC&R’s, insurance coverage has changed dramatically.  Many condominium documents specifically detail what is to be covered – - for example:  roof repair and replacement only.  In this instance, the documents are explicitly pointing out that all other structure is not covered. Read more…