Condo Association Help

[David Henson]

I have a Condo Association that has formed. They're looking for property coverage for 30 buildings with 154 units. Problem is 25% of the roofs need to be replaced due a wind damage. Anyone know of carriers that would write the risk and exclude the roofs until they are repaired within the couple of years. Any advice would be appreciated. Thanks.

 

[Markthebroker]

I would start calling e&s brokers. You may not be able to get the property covered at all. Damaged roofs can lead to all sorts of other claims. So even if the roof is excluded, then there is a higher likelihood of water damage, as well as other things. You may only be able to write the liability. Good luck.

 

[InsCommentary]

Walk away.

 

[VolAgent]

Damaged roofs repaired in a couple of years....

So not only would the roofs have to be excluded, but any property damage that could result from the near certain wind and water damage. Plus, you can guarantee the other roofs are almost certainly in bad shape too. So if you were thinking just exclude for the buildings with bad roofs, no dice.

Also, since it is a condo association, what exactly are the residents going to be thinking as their units are damaged since the roofs haven't been replaced. Not your fault, but as the agent I'm sure you will get dragged into this.

Finally, since they can't afford to replace the roofs, what makes you think they can afford to pay the premiums in the meantime? Especially on something like this that will almost certainly be high due to the issues present.

 

[InsCommentary]

Did they not have insurance that covered the wind damage? Did they not make a loss assessment of condo owners?

 

[Markthebroker]

Walk away.

After reading InsCommentary response I will have to disagree with him. He says walk away. I think he is mistaken.

Don't walk away; RUN! Lol.

 

[VolAgent]

After reading InsCommentary response I will have to disagree with him. He says walk away. I think he is mistaken.

Don't walk away; RUN! Lol.

I'm sure InsCommentary wanted to make sure the OP didn't trip and hurt himself while running. After all, odds are the Association currently has no liability coverage.

 

[Markthebroker]

I'm sure InsCommentary wanted to make sure the OP didn't trip and hurt himself while running. After all, odds are the Association currently has no liability coverage.

HA! VolAgent, you get two points for that one, buddy.

 

[WolfpackAgent]

Would a Fair Plan maybe take this? Or some of it? Maybe Commercial Fire only?