Community association insurance
Coverage for condominium associations, homeowners' associations and the property management firms that serve them. An association's governing documents and its lenders usually set what the association must insure.
- Master policy. Property and liability coverage for the buildings and common areas the association insures, as defined in its governing documents.
- Directors and officers. Coverage for board members and officers against claims arising from their decisions.
- Crime and fidelity. Coverage for association funds against theft and employee or manager dishonesty.
- Umbrella. Additional liability limits above the master policy and other liability policies.
- Workers' compensation. For associations with their own employees, such as maintenance staff.
What does a condominium master policy cover?
It depends on the association's governing documents. Some cover only the structure and common areas; others also cover fixtures and improvements inside units. Unit owners insure what the master policy does not.
Why do boards need directors and officers coverage?
Board members make decisions about budgets, rules and contractors, and owners can bring claims over those decisions. Directors and officers coverage pays for defense and covered claims.
Do property managers need their own coverage?
Yes. Property management firms carry their own general liability, professional liability and crime coverage, separate from the associations they manage.
Ready for a quote?
Send your details and your renewal date. We will follow up to complete your quote.