Master Condominium Policies take a special knowledge of “who insures” what.
The key is to make sure there are no overlapping coverages that could hold up a claim. A Master Policy and an Individual policy should marry perfectly if written correctly.
A condominium community requires a Master Policy that is written based on the Associations Governing Documents. The Association is all the members of the community as one organization. The Unit Owner individually owns their space which is inside the exterior walls.
How do you know who insures what? That’s where understanding the documents comes in!
Well again, that depends on your documents. We must determine what the common and/or limited common elements are.
Also, we must determine the importance of flood insurance for the Association.
What is the “reconstruction” of the Association’s owned property?
Does the Association have a pool, tennis court, or other amenities?
What is the Associations liability exposure?
Well, the first thing we know we need to cover is the building’s exterior, parking lot, sidewalks, mailbox clusters, pool, playground, clubhouse, and all other amenities. Secondly, making sure the Association has enough liability coverage in the event of a personal injury claim by a guest on the property.
We insure a vast number of communities. Understanding the boundaries of coverage is our specialty. Also understanding what the Unit Owner is responsible for eliminates additional coverage some insurance companies add in that the Association may not need.