Tag Archives: liability

Understanding Homeowner Association Insurance

MASTER POLICY
State laws pertaining to condominiums and most project legal documents creating condominiums require the association to carry a master insurance policy covering the entire project including the individual units.  This is the only approach to insurance that makes any sense in a high rise project, and in most lateral projects it also makes sense because of the interrelationship of individual condominium units and the project’s common areas.  In planned unit developments, the advisability of having a master policy depends to some extent on the type of construction.  With attached townhouses or row houses, it is possible that a master policy is preferable to individual policies covering each dwelling. 

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Finding the Right Attorney

 

Next to selecting a manager, probably the most important decision an association can make is selecting legal counsel.  The community association field is complex and ever-changing, and boards have a responsibility to find a legal expert with diverse talents and capabilities who will provide the best council for the association.

Community...

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Liabilities & Insurance

 

 

Each condominium, cooperative or planned community is exposed to liabilities that have the potential to cripple the association.  Therefore, commercial insurance is one of the most important components of a community association’s risk-management program.

 

One reason associations exist is to protect assets, which can be tangible (like equipment) or intangible (like...

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