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Condo building insurance can be complicated. Specialty condo insurance recognizes the many different risk types and provides clarity regarding which parties are responsible for covering which risks.
Four levels of coverage for condo buildings.
The unique nature of condo buildings often leads to some confusion over who is responsible for insuring what. In reality, it’s a simple set-up, but everyone involved, both the condo association and the condo owner, needs to know how it works. There are four main types of policies that each have their own unique areas of coverage. These include:
- Association Master Policy
- Bare Walls Coverage
- Single Entity Coverage
- Modified Single Entity Coverage
Association master policy.
The condo owners association insures some parts of the building against damage with an “association master policy.” The individual condo owners will be responsible for any remaining insurance for their own unit. The association master policy will almost always cover common areas such as hallways and the elevators, but other coverage varies.
Bare walls coverage.
The simplest option is “bare walls coverage,” meaning the condo owners association policy simply covers the walls, floors, and ceilings in each unit, with the individual owners responsible for everything else, including fittings and fixtures.
Single entity coverage.
“Single entity coverage” extends the condo owners association coverage to “standard finishes,” such as fitted kitchens and bathroom units, but not the owner’s personal property. One note of caution—if an owner replaces any fitting, such as a kitchen counter or carpet, it will no longer be covered by the association master policy.
Common coverages that you should have to help protect your business:
- Workers’ Compensation
- Professional Liability
- Directors & Officers
- Employment Practices Liability
- Pollution Liability
- General Liability
- Risk Management
- Loss Control
- OSHA Compliance & Reporting
- Claims Cost Containment
- Mod Analysis
Modified single entity coverage.
Finally “modified single entity” (also called all-in coverage) extends coverage to any replacement or upgraded fittings.
If you need to know more about condo building insurance, contact us today.
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