Condominium Associations come in all kinds of types and sizes. There are Office Condominiums, Retail Condominiums, Residential Condominiums and a mix of residential and business. It takes a good deal of expertise to properly protect a Condominium Association. This may be accomplished through a single comprehensive package policy or by bundling several different policies, from various insurance companies. Both options are acceptable as long as all of the options and exposures are addressed. Harris Insurance has been insuring condo associations since 1965 and we know what it takes cover all aspects of the Association’s potential exposures.
We go above and beyond in insuring Florida Condominium Associations. We are proud to host policy documents and other important information for all members of the Association on a password protected website. This, along with other courtesy notifications are available to every Association that we insure at no added cost. Not only is this impressive for the members of your Association but it also reduces professional liability exposure and costs.
Recently, the State of Florida established statutory requirements for Condominium Association Coverage intending to add consistency to the tens of thousands of Associations in how they address insurance coverage and identify what the Association and the unit owner are responsible for respectively in the event of a loss.
This is good news as we can now address the insurance coverage needed by a unit owner without having to consult and interpret the various, lengthy, and unique Association’s documents.
Below are the various plans that every Florida Condominium Association should consider when shopping for insurance packages:
A Condominium Association Policy
(CAP) or Master Policy provides coverage for the buildings and common areas including hallways, elevators, sidewalks, roof, pools and recreational areas including Association-owned equipment and equipment that services the buildings. The joint ownership aspect of a condominium is what requires protection under a CAP.
Liability
protects the Association for actions brought against them for bodily injury or property damage as a result of negligence or alleged negligence. It can also cover the Association in the event of an injury or accident which occurs on or adjacent to the property.
Directors & Officers Liability
provides protection for the directors and officers of the Association for their roles and decisions made if they are sued in conjunction with their action or inaction while operating in the capacity of an officer of the Association.
Crime & Fidelity
provides coverage for theft or loss of Association funds due to financial misconduct.
Flood policy
similar to the CAP policy and protects the Association from damage to Association buildings and property caused by Flood.
Umbrella coverage
provides additional layers of liability and defense cost protection for the Association allowing higher limits at a very reasonable cost.
Workers compensation
Protects the Association from the cost associated with the injury of an employees while working for or on behalf of the Association including subcontractors or other persons working for the Association or conducting Association business who are injured and without coverage.
Cyber Liability
Protects the Association against suit brought against it for failure to take appropriate action or make proper decisions to protect the private information of the Association or its members or associates.
Boiler & Machinery
This covers Association equipment that services the building and it’s features such as elevators.
