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Condo Master Policy Insurance

Below are the key coverage an officer should look into when checking an insurance proposal for the condo association’s insurance policy.


  1. Building
    Pays for direct physical loss or damage from a covered cause of loss to the building or structures listed on completed additions, fixtures, permanently installed machinery and equipment, and personal property used to maintain or service the building or structures. Examples of these are outdoor furniture, floor coverings, appliances and fire extinguishing equipment.
  2. Building Ordinance or Law
  • Loss to undamaged portion of building due to demolition pursuant to a building ordinance or law.
  • Demolition cost
    Cost the demolish and remove debris of undamaged parts of the building when it is required by building ordinance or law.
  • Increased Cost of Construction
    Covers increased cost to repair, reconstruct or remodel damaged or undamaged parts of the building to comply with a building ordinance or law.
    1. Inflation Guard
      Automatically increases coverage by a certain percentage every renewal in order to keep up with the effects of inflation. It means the building coverage on a renewal document will be 2-8% higher than the previous year.
    2. Sewer Backup
      Pays for loss or damage caused by water that overflows from sewer or drain or enters into then overflows from a sump pump or any other system designed to remove subsurface water from a foundation area.
    3. Equipment Breakdown
      Pays for loss or resulting loss of income caused by covered equipment, e.g. boilers.

    General Liability

    a.k.a. Slip and Fall or Premise liability coverage

    • Protects the association from claims arising from injury or property damage to third parties caused by negligence.
    • Each occurrence limit is the most the policy will pay for each covered claim while the aggregate amount, which is usually double the occurrence limit is the maximum the insurance company will pay in one policy period.

    Directors and Officers

    • Pays the amount insured is legally obligated to pay as a result of a claim against any insured for wrongful acts or decision arising out of their capacity as a director, trustee, officer, committee member or volunteer of the organization.

    Employee Dishonesty / Fidelity

    • Pays for direct physical loss to business personal property and money or securities resulting from dishonest acts of the insured’s employees. This coverage applies if the property manager or one of the association’s employee absconds with the money.


    • Amount of liability coverage on top of underlying policies for Directors and Officers and General Liability coverage.

    Workers Compensation

    • A mandatory coverage for the associations’ employees on payroll.

    Hired and Non-Owned Automobile

    • Pays for bodily insurance or property damage arising from the maintenance. Or use of a hired auto during business by the insured or an employee or the use of non-owned automobile in the business by any person other than the insured.

    Other coverage that are part of the package are:

    • Debris removal,
    • Exterior building glass,
    • Fire department service charge,
    • Equipment breakdown,
    • Newly acquired or constructed building,
    • Outdoor property and signs,
    • Preservation of property,
    • Pollutant clean-up and removal,
    • Personal effects,
    • Specified property,
    • Valuable paper,
    • Water damage,
    • And wind and hail.

    Call the number (888) 973-0016 and talk to one of our agents to discuss these.

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