Condo building insurance in the middle Tennessee area, 包括纳什维尔, TN及周边县.
公寓建筑保险可能很复杂. Specialty condo insurance recognizes the many different risk types and provides clarity regarding which parties are responsible for covering which risks.
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 needs to know how it works.
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.
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Condo and co-op associations may face severe financial consequences from property loss due to fire, 风, 或其他原因.
Commercial property insurance should provide coverage for damage to the building, 协会所有的个人财产, 而收入损失是由于承保的原因造成的.
Condo and co-op associations are susceptible to many risks, 比如人身伤害索赔, 财产损失, 人身伤害, 和更多的. The association could also face lawsuits from claims associated with common areas such as hallways, 楼梯间, 游泳池, 和停车区域.
General liability insurance is an absolute necessity for any association. It provides coverage for legal fees and judgments when the association is named in a covered lawsuit.
Crime and fidelity bond insurance is designed to provide coverage to cooperative and condominium associations to protect them from theft of funds or association-owned personal property by an employee, 董事会成员，有时, 物业管理公司.
Crime and fidelity coverage is designed to provide coverage for employee dishonesty, 伪造和变更, 电脑欺诈, 伪造, 和更多的.
With technology performing many tasks in today's world, 崩溃会造成很大的经济负担, including the cost to repair the equipment and any resulting lost income or extra expenses.
Comprehensive coverage provides protection against equipment mechanical breakdown for machinery such as heating and cooling equipment and elevator motors.
Directors and officers (such as board members) can be held accountable for decisions they make in the performance of their duties. Any resulting lawsuits are typically expensive to defend and can result in potentially large settlements.
Directors and officers liability insurance provides coverage for the legal costs to defend a covered lawsuit and may also provide the money necessary for any resulting judgments.
What happens when your condo or co-op building faces a large liability loss that exceeds the basic limit of your standard policy?
A commercial umbrella policy will provide extra coverage over and above general liability, 董事及高级人员责任, 汽车责任, 以及雇主责任政策. Limits start at $1,000,000 and go as high as $200,000,000.
Technology has spun a whole new web of liability exposures including the need for protection of privacy, data, and financial information for your association residents. Breach of their data can result in costly fees and lawsuits for the association if held liable.
Cyber liability coverage covers fees and lawsuits resulting from the breach of personal data, 假设这个协会有责任.
Pollutant clean-up is generally excluded from the basic policies. Leaking of a fuel tank can be very costly to remediate.
Environmental insurance provides coverage for clean-up costs and third party lawsuits as a result of a leak from the tank or related pipes.
Typically the policies for the association exclude coverage for the sponsor or holder of unsold shares for the interior of the units they own.
A policy should be maintained to provide coverage for what you are responsible for within the unit, as well as any lost income and lawsuits resulting from acts within the unit.
The association master policy will almost always cover common areas such as hallways and the elevators, 但其他覆盖范围各不相同.
最简单的选择是“裸墙覆盖”,” meaning the condo owners association policy simply covers the walls, 每个单元的地板和天花板, with the individual owners responsible for everything else, 包括设备及固定装置.
“Single entity coverage” extends the condo owners association coverage to “standard finishes,“比如厨房和浴室, 但不是所有者的个人财产. 注意，如果车主更换了任何配件, 比如厨房的柜台或地毯, it will no longer be covered by the association master policy.
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.
As an independent agency, we offer multiple options at competitive prices.