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Where are the Gaps?

 Your association’s property coverage came from a company in another state.

Your policy covering association vehicles – yet another company and carrier.

While these policies may very well cover all your needs, having them scattered among various providers could in fact be masking some serious coverage gaps.

 Suppose you have an apartment association insurance liability policy with Insurer A. That policy covers all your liabilities except for coverage for business risks associated with economic loss due to flaws in the insured’s work or product, an exclusion that may not be covered under a more specific policy because Insurer B may not know about Insurer A’s exclusion. 

And are you covered for pollution claims that are a result of a fire? Furthermore, does that same general liability policy cover acts of sexual harassment or assault? Most likely not, but does your broker or insurer know enough about you to recommend a separate professional liability policy?

If you obtain a construction policy from Insurer C, is that policy’s exclusion of bodily injury claims due to construction defects going to be covered on another policy?

 Consolidating all your policies under one common broker or insurance company can benefit you in a number of ways.

 • Your broker or insurance company agent understands your current coverage, as well as any coverage exclusions.
• All of your risks are addressed and there’s less chance of a costly gap in coverage occurring. 
• Bringing several policies under one carrier can save money with multi-policy discounts.
• Getting an association insurance package from one source means coverage is more complete and any gaps are more easily identified.

 To understand the benefits of bundling your coverage, call Emerson Poort at 877-201-3113 or email him by clicking here . An expert in condo and apartment association coverage, Emerson can help you identify gaps in your current coverage and consolidate your coverage to prevent loss exposure and potentially save you money.