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HOA INSURANCE FULL
HOA INSURANCE FREE

Standard master insurance policies typically cover two things: Understanding an HOA Master Insurance PolicyĪ homeowners association master policy, often referred to as simply HOA insurance, is a form of insurance designed to protect HOAs. What Other HOA Insurance Policy Should You Get?.Understanding an HOA Master Insurance Policy.following a burglary), subsidence and landslip, accidental & intentional damages, to name just a few. Is bursting and/or overflowing of pipes and water tanks covered? Is slow leak damp over time, covered?Ī typical Body Corporate Insurance policy should include all the above, as well as perils such as: Power surges, fidelity, trustee liability, loss of water, locks and keys (eg. Is loss of rent in terms of risk, covered? the water heating systems) covered for loss or damage following leaking and bursting?

Is normal risk such as theft of, or any damage caused by attempted theft of fixtures and fittings, covered?ĭoes the policy include cover for civil commotion, SASRIA (riot and public disorder), public liability, trustees liability, labour disturbances and more Īre the water pipes and geysers (i.e. You should not only feel protected by your insurance coverage but also feel comfortable with the hands in which you’ve placed your cover.Īre normal perils like acts of nature included, including: Hail, wind, storm, weather damage (storm, lightning), earthquake Īre Fire and Explosions covered? Or damage caused by the leakage or discharge of fire extinguishing equipment?

HOA INSURANCE FREE

Coverage for Monetary and Non-monetary ClaimsĪs your insurance broker, we function as the middle man between your Association and your Insurer, so feel free to ask for our advice and recommendations.

Types of Cover that Should be Automatically Included The majority of claims for Homeowners Associations are non-monetary, such as a claim that the board failed to purchase adequate insurance. Typical D & O liability claims range from monetary to non-monetary, breach of contract to discrimination, to libel/slander. This coverage is also known as Errors and Omissions Liability as this coverage provides for these types of losses as well.

Coverage for Personal Injury (Libel, Slander)ĭ & O Liability is defence (expenses) and indemnity (awards and settlements) for wrongful acts and allegations against the board of directors as well as the Association.

You want to be prepared for these circumstances. For example, a common area tree may fall onto a neighbour’s car or house. This insures damage done to someone else’s property by your property.

What is Third Party Property Damage Cover? Whether a person is supposed to be on the common area premises of the association or not, if he or she were to get injured, this cover would protect the Association. Third party bodily injury losses are slip and fall claims. For example, if half of a building burns down, the property insurance coverage will replace the half of the building that is damaged. What is Contingent Liability?Ĭontingent Liability provides coverage for undamaged portions of property. Information used to calculate building values should be based on research and accurate square footage obtained by your broker.

HOA INSURANCE FULL

Your Association should be insured, at full replacement cost. Insuring your HOA property accurately can prevent the potential for hefty out-of-pocket expenses for unit owners at the time of a major property loss.