Insurance

Condominium Owners Need to Have Condo Insurance Condominium, cooperative, and townhouse owners frequently mistakenly believe that the “master insurance policy” carried by their homeowners’ association will provide insurance coverage for their personal losses that result from various events that are covered by the association’s policy. This content is for Subscribers ...

CONDOMINIUM OWNERS NEED TO HAVE THEIR OWN INSURANCE POLICY A common mistake made by condominium owners is not having condominium owners’ insurance. This content is for Subscribers. To continue reading, you must have a Subscription with HOA Member Services. Click here to view our Subscription Plans. Or click here to ...

Condominium Owners Need To Insure Their Separate Interest Condominium owners need to understand that the insurance maintained by their homeowners association is not sufficient to cover for all losses that may be suffered by the owners even if the loss is caused by a condition in the common area. An ...

Court Says Condominium Owner has no Claim Against HOA Insurance Policy for Damage to Individual Unit This case involved a dispute between a condominium owner ("Owner"), his homeowners association ("Association"), and its insurance carrier ("Insurer") over Owner's entitlement to make a claim for insurance proceeds from Association's policy issued by ...

Does Your Homeowners' Association Carry Adequate Directors and Officers Liability Insurance? Directors and officers liability insurance (“D&O Insurance”) is insurance that protects the officers and directors of a homeowners’ association and provides coverage for liability and legal expenses that result from acts committed as a director and/or officer of the ...

Don't Put Your HOA at Risk by Not Tendering Claims to Insurance Carriers Homeowner association management personnel are frequently confronted with situations that involve actual or potential claims being made by a third-party such as a homeowner or an injured worker. The association typically first learns of such claims through ...

HOA Concealment of Threatened Lawsuit Results in Loss of Insurance Coverage This case involved a dispute between a California homeowners association (“Association”) and its management company on one hand, and Association’s liability insurance carrier (“Insurance Carrier”) on the other. This content is for Subscribers. To continue reading, you must have ...

HOA Directors Should Not Buy Insurance Coverage Without First Reviewing a “Specimen Policy" State laws and/or governing documents for homeowners associations impose requirements for the association to carry various forms of insurance such as: This content is for Subscribers. To continue reading, you must have a Subscription with HOA Member ...

HOA Directors' Duties Relating to Association Insurance Coverage Homeowners association directors have specific duties that are related to the insurance coverage that is purchased for the association. Those duties include: (i) purchasing and maintaining proper insurance coverage; (ii) keeping association members informed about the association’s insurance coverage; (iii) consulting appropriate ...

HOA Directors’ Duties to be Aware of Regarding Their Association’s Insurance Coverage Homeowners association directors need to be aware of their duties relative to the association’s insurance coverage, which include: (i) insuring against various risks that the association is exposed to; (ii) utilizing proper insurance agents and brokers; (iii) tendering ...

HOA Homeowners Need to Have Adequate "Loss Assessment Insurance" All too often owners of condominiums and properties that are part of a common interest development learn about HOA loss assessment insurance the hard way-- that is, when the need arises after a loss and they find out that they either ...

HOA Insurer Must Pay Association's Liability for Attorney Fees as the Losing Party In this case, a homeowners association (HOA) sued two homeowners for alleged violations of the HOA’s bylaws. The lawsuits were initiated under Florida statutes that contain provisions which provide for an award of attorney fees to the ...

HOA's Insurance Claim for Hurricane Damage Is Denied Due to Late Notification to Carrier An HOA in Florida with 380 residential units sustained property damage from a hurricane that struck the Florida coast on October 24, 2005.  At the time of the hurricane the HOA carried $5,00,000 in insurance. Shortly after ...

HOAs Need Workers Compensation Insurance to Protect Against Potential Liability to Injured Workers It is not uncommon for associations to hire unlicensed and uninsured contractors to perform contracting activities, including but not limited to landscaping and gardening. If a contractor is uninsured when the services are performed, the association becomes ...

HOAs Should Have Both “Directors & Officers” Insurance and “Crime/Fidelity” Insurance Notwithstanding the fact that state statutes and homeowners’ association governing documents contain specific provisions regarding insurance coverage that is necessary, it is not uncommon for homeowners’ associations to be operating without the necessary and required coverage. This content is ...