Condominium Association Insurance In New Hampshire
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Condominium Association Insurance
Managing a condominium association involves more than maintaining buildings and common areas. The association is also responsible for protecting shared property, managing community funds, addressing liability risks, and making decisions that affect unit owners. Condominium association insurance provides coverage designed to protect the association, its board members, and the property for which it is responsible.
The association’s insurance needs will depend on the community’s buildings, amenities, operations, and governing documents. Some things to consider when selecting condominium association insurance include the following:
- Property Coverage: Protects buildings, common areas, and association-owned property from covered losses such as fire, wind, theft, and vandalism. Flood and earthquake coverage may need to be purchased separately.
- General Liability Insurance: Helps protect the association if someone is injured in a common area or association activities damage another person’s property.
- Directors and Officers Liability: Helps protect the association and its board members against certain claims involving mismanagement, breach of duty, discrimination, or other board decisions.
- Crime and Fidelity Coverage: Protects association funds from covered losses involving theft, fraud, forgery, embezzlement, or other dishonest acts.
- Equipment Breakdown Coverage: Helps cover certain repairs or replacements following a sudden mechanical or electrical failure involving equipment such as boilers, elevators, pumps, or electrical systems.
- Ordinance or Law Coverage: Helps pay certain additional costs required to repair or rebuild damaged property according to current building codes.
- Additional Coverage Options: An association may also need workers’ compensation, cyber liability, water backup, employment practices liability, umbrella, flood, or earthquake coverage.
The master policy’s responsibilities will depend on the association’s bylaws and declarations. Unit owners typically need their own HO-6 policies for personal belongings, liability, living expenses, and property not covered by the association.
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Frequently Asked Questions
What is condominium association insurance?
Condominium association insurance is designed to address risks associated with managing a condominium community. Available coverage, limits, exclusions, and requirements can vary by policy and insurance company.
How can an association determine what insurance it needs?
The association should consider its governing documents, property, amenities, operations, contracts, employees, and potential risks. An insurance agent can help review these details and explain available options.
How often should an association review its insurance?
It is a good idea to review the association’s insurance regularly and whenever there are significant changes to the property, amenities, operations, or governing documents.