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24 Insurance

INSURANCE

  1. Each unit is insured for replacement cost through the Association.  To see the Master Insurance Policy, click here
  2. Purchasing coverage for all the units under one insurance carrier avoids pitfalls of finger pointing if multiple carriers are involved, in addition to savings generated by purchasing from one carrier.  
  3. Residents are only responsible to provide coverage for their personal items, but should consider purchasing General Liability insurance for their protection.
  4. Residents should discuss this issue with their preferred carrier to decide on appropriate coverage.  
  5. If, at the time of a loss under the master policy, there is other insurance in the name of the unit owner covering the same risk covered by the master policy, the Association’s policy provided shall be deemed to be secondary insurance and the unit owner’s policy shall be primary.
  6. Types of commercial insurance coverage included in the master policy include:
  • Real Property (including boat slips; paid by boat owners association)
  • Business Personal Property
  • General Liability (per occurrence)
  • General Liability (General Aggregate)
  • Crime & Dishonesty
  • Business Automobile Liability
  • Excess Flood Insurance
  • Earthquake Coverage
  • Directors & Officers Liability
  • Commercial Umbrella Insurance
  • Workers Compensation Insurance
  1. If a unit owner, resident, workman, or moving company accidentally damages a unit or any part of the common area (e.g., a heavy piece of furniture damages a wall or scratches a floor), the owner or resident must repair the damage at their expense.