Condominium Master Insurance Policy

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The maintenance of the interior of their units is the responsibility of individual residents. On the other hand, the condo association is responsible for safeguarding the rest of the building, including the exterior. Should the roof or siding be damaged by a storm or other natural disaster, the condo association's insurance policy will probably cover the repair costs.

If someone slips, falls, or is injured in your building’s lobby and decides to sue, who’s liable for the ensuingciation’s master policy likely includes liability protection for such an incident. legal expenses? Your condo asso

Workers' compensation insurance, provides wage replacement and medical benefits to employees who get injured while on the job. In return, employees give up their right to sue their employer for negligence.

Similarly, homeowners association workers' comp insurance operates in the same way, with the HOA being the employer in this case. Some might question the need for workers' comp in HOAs because they don't directly employ workers. However, even an HOA with just a functioning board and a management company will still require this type of insurance.

Condo association directors are required to adhere to all relevant laws, enforce the association’s regulations, safeguard community assets, and collect fees. With such a wide range of duties and responsibilities, there is ample room for mistakes on the part of board members. Consequently, disputes may arise, and condo owners may take legal action against them. Community Association Directors and Officers Insurance, or D&O Insurance, provides protection to COA board members from these allegations or lawsuits filed by homeowners.

• Real estate property broadening endorsement
• Data breach coverage
• Emergency event management coverage
• Realty tax coverage
• Retail anchor store income coverage
• Extended business income
• Income coverage
• Contingent real property coverage
• Broad form named insured real estate endorsement
• Fidelity and crime
• Management liability (directors & officers)
• Miscellaneous professional Liability (property managers E&O)