Condo Master Policy

[iiinycboi]

Anyone have experience in condo master policies?

I have a prospect who wants me to do his condo insurance, but im still learning commercial.

do you give them cpp or bop packages? And list it as a condo for business description? or there is a specific condo association coverage we need to get? What type of coverages is good?

How do i know if their current coverage is ALLS IN? or Bare-IN? Whats the best way to approach this?

do you need auto hired/non owned?

What about d&o?

Thanks in advance!

 

[Guest]

WOW, you are truely confused.......

First off, are you written the entire master policy or a single unit?

 

[Justin Bilyj]

I just wrote a policy with my p.c broker partner for a condo the other day. First you need the condo contract, so that you can photocopy for your own defense of what is needed. If you go off of what the prospect says, and its a studs in or out and you put the other, and something happens, he could easily say that he told you otherwise, and now you have an expensive e/o situation to deal with.
Just ask for his current policy so that you can match coverage for coverage and beat the price, and if you can add additional coverage for no cost, you will look at that as well.
Get a copy of the condo contract because the association should have explicit terms of what type of coverage is needed.
Contents,
Liability,
Identity Theft (bonus)
Mold
Physical Damage to Fixtures
Water

Don't forget to add auto to cheapen either if you have a carrier that gives discounts...

 

[djs]

This is a commercial condo, correct?
Your questions will require a book to answer.

Just a hint, very few master commercial condo policies are walls in. I'm sure they exist, but most commercial condos are bought as shells and then fitted for the buyer.

If you are trying to quote the condo master policy, that is much easier actually, but you need to figure the value of the building, not always easy to do.

Get a copy of the association paperwork. They usually articulate what coverage they have (and usually provide a copy of the master policy dec page, minus the premium, for reference). Usually the association stipulates they provide certain coverages which they can't change without the association approval, so you need to make sure you cover what they need.

Dan

 

[Bertolinoins]

What state are you in?

Travelers, Philly and Sequoia have nice condo packages... Look at Distinguished Programs or Kevin Davis Ins Svs for the excess, D&O, Fidelity and "if any" Work Comp.

 

[HealthGuy]

Red Blood is the only P and C agent in the forum who knows how to write condo insurance. Hes the only one.

 

[iiinycboi]

This is a small condo, 6 units only. all 6 units sold. Residential living. Its for the master policy not ho6

Im reviewing their policy, and they do not have D&O or umbrella or crime.

Just want to know what kind of coverages i can recommend and if d&o is necessary for a self managed condo association. They elect a new "manager" every year.

Im quoting with PHLY right now but just wanted to see if i should add any coverages they need.

 

[Guest]

First of all, you have to read the CC&R's to determine which type of policy you need, DO NOT go by the current policy, you never know what that agent did just to get a policy...

I would ALWAYS include D&O and non-owned/hired auto and an umbrella,

He is a trick you also need to do, after you write the policy, you go DOOR KNOCK on each unit, and give them your name and number or card, and tell them, you are the new agent for the master policy, so when their mortgage company needs a cert, they have it, and you explain the holes in the policy and how to design THEIR policy to cover the holes.....

 

[mmaedelins]

He is a trick you also need to do, after you write the policy, you go DOOR KNOCK on each unit, and give them your name and number or card, and tell them, you are the new agent for the master policy, so when their mortgage company needs a cert, they have it, and you explain the holes in the policy and how to design THEIR policy to cover the holes.....

Love this! Great advice, RBA

 

[Guest]

Love this! Great advice, RBA

THX, every once in a while, I have to throw something good out there, just to throw people off....