Key Coverage Summary

COVERAGE

DESCRIPTION

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
codes

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
complex

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