Are Unit Owners Complaining about the High Cost of Condominium Insurance Policy?
Call Us Today at 954-454-9599 for a Review.
We have a Special Package Policy with Wind for Smaller Condominium up to $10 Million in Replacement Cost.
We Welcome an opportunity to offer you a complimentary condominium association Insurance quote, underwriting by A-Rated reliable Insurance companies, knowing when you have a loss, the claim is paid, and the property is restored to what it used to be.
You need to review the master insurance policy to maintain current adequate coverages and affordable premium, also in the hope to comply with your condominium association’s annual budget, and its unit Owner’s demand to keep costs down.
What is Condominium Association Insurance?
It is a special insurance policy designed by insurance companies to cover the real property belonging to the Master Association (Common Area), against any covered Perils including named hurricane, water damage, high winds, fire, also to protect the Association from any potential legal lawsuit brought by an outside visitors or from your unit owners, which might cause financial burden to the Association and its Unit Owners.
What does Condominium Association Insurance Policy cover?
- Building – This policy covers the real property assessed at 100% of its replacement cost, and performed by a professional appraisal. This policy covers perils such as fire, water damage, hurricane, and tropical storm.
- Crime – This policy covers theft or disappearance of association funds by the property manager, employees or volunteers working on behalf of the association.
- General Liability – The policy protect your association for any legal liability claim for bodily injury and property damage, such as a slip, and fall (a common cause of claim), breach of contract, negligence and others to a person or organization, provoked by the association employees, property manager, and volunteers consequences.
- Commercial Umbrella Liability – the purpose of this policy is to provide excess liability coverage over and above the underlying general liability policy. Also, the commercial umbrella policy overlays the directors & officers, commercial vans, and workers’ compensation policies.
- Directors and Officers – This is a mandatory line of coverage enforced by the State of Florida under Status 723.078. This policy serves to protect all board members, volunteers and property managers against any allegation filed by unit Owners or outside contractors for the cause of negligence or breach of contract.
- Equipment Breakdown – It ensures your building electrical equipment such as a boiler, air conditioning units, elevators, phone system and any other equipment which are used in the service of the association for damages caused by mechanical breakdown.
- Building Glass – it covers the common area glass windows and balcony railing against perils such as high winds and hurricane damages. This type of coverage has a separate deductible, typically about $100.00 Per claim.
- Hurricane & Windstorm – This policy is necessary in Florida, and it does cover the association building against natural disasters for perils such as named hurricane or tropical storms.
- Commercial Flood Insurance – covers your association for rising water damages done to your building, due to severe rain. The flood insurance policy encompasses the association common area.
- Outdoor Properties – this policy coverage is necessary to the association’s outdoor properties such as a pool, boat docks, front gates, light poles, signs and guard house.
- Workers Compensation – This policy covers your employees and volunteers working on behalf of the association, for medical expenses and loss of income in the event they get injured on premises during working hours.
Legal facts to know about Condo Association:
Condominium Association board members normally govern their own association. Therefore board member personal responsibility can create a potential liability risk to the master association, accidentally caused by them, or by its own volunteers or by its property manager; such statutory liability action consists of:
- Contractual obligations to outside contractors,
- Negligence caused by the property manager responsible for managing the property,
- Intentional wrongful act performed by any person acting on behalf of the association.
What we can do for you.
G. Zein Insurance Services have specialized in the condominium association Insurance since 1987. Therefore we have helped many condominium associations like yours save an average of 10% to 15% upon policy renewal. Furthermore, we can help you:
- mitigate any potential claim at the time of a loss until the claim is settled and closed.
- help you provide lower-cost property inspections for insurance reason.
- help you obtain lower-interest financing to pay your premium monthly.
- and provide insurance certificates when it is required by mortgage companies.
ALL with NO additional fees added.
8 Factors to save money on Condo Association Insurance:
- Keep property dry and clean to prevent any slip & fall claims.
- Hire a security guard to monitor the property on 24 hours basis.
- Inspect the property daily, and make all necessary repairs immediately if needed.
- Hire a lifeguard to monitor the swimming pool area during allowable swimming time.
- Increase the policy deductible to save additional premium.
- Provide proof of property upgrades such as roof, plumbing, electrical and Air conditioning, or provide a 4 point inspection.
- Install surveillance camera around the building to monitor and minimize any frivolous liability claims.
- Additional discount for having 3 years claim-free, this is an indication to insurance companies that you are managing your property very well.
Call Us Today for a “No Obligation” Condominium Association Insurance Review.
To find out how much it cost you to insure your condominium association or homeowners’ association in South Florida, feel free to Call us Today at (954) 454-9599, (866) 454-9555, to schedule an appointment to visit your association.
ALL INQUIRIES ARE WELCOME.