Key Coverage Summary

Building Replacement
Amount needed to rebuild
the building(s)
Extended Replacement
An additional 25% of
building replacement coverage amount to account for
increased costs of materials/labor
Building Ordinance
Amount to pay for costs
to bring a building into compliance with updated building
Specified Property
Covers fences, walks,
pools, etc.
Debris Removal
Pays for debris removal
in a partial/total loss situation
Business Income
For apartments, commercial
buildings – coverage for lost rents
Association fees and extra expense
For community associations
– covers association dues while the complex is
being rebuilt
Fidelity Bond
Included with your master
community association policy.
Master Key
Pays to rekey the complex
if master keys are lost
Fire Department Service Charge
Pays the service charge
assessed when the fire department is deployed to your
General Liability: includes premises,
operations, personal injury, advertising liability,
tenant and parking area liability.
Coverage where there
is legal liability. Pays for legal defense, medical
expenses, rehabilitation costs and other expenses such
as legal settlement
Directors & Officers Liability
Coverage for unintentional
mistakes made by directors/officers that result in loss
to the association
Sewer Drain Back-up
Pays for property damage
that results from a sewer/drain back-up
Non-Owned Auto (optional)
Pays for liability issues
that arise when someone appointed by the board to conduct
it’s business is liable for an auto accident.
Commercial Umbrella (optional)
Additional general liability
coverage comes in increments of $1 million.
Earthquake (optional)
Pays for building replacement
when the cause is earth movement or an earthquake
Workers Compensation (optional)
Protects the association
for liability that may arise from using service providers

Comments are closed.

Get a Quote now!HOA Insurance Blog