Property insurance helps provide protection against covered perils for the building itself, common areas, and the association’s personal property, such as furniture, exercise equipment, etc. While association property coverage does not provide for unit owner’s contents, it protects the structure against things like wind/hurricane damage, fires, water damage, etc
- Protecting your structure
Protection against perils
General Liability provides coverage for property damage or personal injuries suffered by third-parties while they are on association property. The liability policy typically helps cover legal or medical costs if the association is hit with a lawsuit — for example, if someone is injured after slipping and falling in a common area maintained by your association.
Helps cover legal or medical costs
Coverage for property damage or personal injuries suffered by 3rd party
Directors and Officers coverage provides coverage for the board of directors and in some cases property managers to pay for costs that the association becomes legally obligated to pay as a result of a claim made during the policy period for “wrongful acts.” Generally speaking, a wrongful act is an actual or alleged act, breach of fiduciary duty, error, omission, misleading statement, or misstatement.
Coverage for the Board of Directors
Can also cover Property Managers
Worker’s Compensation provides coverage for employees who work on association property to help cover costs of work-related illnesses or injuries. Should your association not have any employees, you should still carry what is called an “if any” worker’s comp policy.
Covers employees who work on the property
Covers work-related illnesses or injuries
Boiler and Machinery/Equipment Breakdown covers many types of equipment. It protects electrical systems, air conditioning (HAVAC) and refrigeration, mechanical equipment from physical damage to and financial loss from the equipment breaking down.
Protection against covered equipment
Wind Driven Rain
Wind Deductible Buy Down
“I highly recommend Adam Betzold and (the) John Galt Insurance Agency. Adam has been our agent since 2011. Adam always picks up his phone, no matter the time of day. The Board and I are extremely satisfied with our decision in choosing John Galt Insurance Agency, and I highly recommend their services.”
David Webb, President
Cypress Bend Condominium IV Association Inc.