Keep Your Common Areas Protected with Condo Association Insurance
Living in a condominium is a unique experience. Each unit owner not only owns their condo, but they also have part ownership in the common areas like swimming pools, spas, parking lots, and playgrounds. Just like a standalone house, there are risks associated with taking care of the common property. A condominium association is an entity that bears the burden of making sure sidewalks are clear of snow, and needed repairs are conducted on other areas of the property.
Damages to the outside structure, hallways, elevators, and even boilers need to be addressed immediately so residents do not suffer. Whether natural or manmade, damages are easier to take care of when condo association insurance is in place. At the Business Insurance Center, our network of professional brokers can work with your association to get the best coverage for your needs at a price the board will agree upon.
Understand the Different Types of Condo Association Insurance
Having the best coverage ensures that all the residents can continue to enjoy the premises instead of the association going bankrupt from a lawsuit. Here are the types of policies that your group can consider:
- General Liability: A plan with broad coverage for accidents and potential security risks. This may come into play if a visitor is hurt while on the property.
- Property Coverage: This coverage is for those hazards that may occur in the common areas such as the roof, elevator, basement, courtyards, or walkways.
- Directors and Officers Liability: This can help protect those residents who serve as members of the board from claims against them while carrying out their duties.
- Crime and Fidelity: If there is financial misconduct, this coverage can help recover from the loss of funds.
- Equipment Breakdown: If machinery or heating systems breakdown, this can assist with any damage caused by the breakage.
- Sewer Backup: This can help reimburse the repair expenses for damage from a backed up sewer or drain.
- Worker’s Compensation: This will help any association employees with medical costs and lost wages if they are injured during the course of performing their employment duties.
Keep the Common Areas Covered with Condo Association Insurance
Ensure your residents and their visitors enjoy being on the premises while protecting the condo association with the right balance of coverage. Talk with our trusted network of brokers to get the best protection for your community. We work with a wide variety of industries and customers. We know there are unique requirements for condominium associations to help safeguard the community as a whole. We will be happy to talk with you, listen to your needs, and develop a package that fits your requirements. Experience quick response times and exceptional customer service from our advisors when you reach out to us.